Actually, in this example, you loaded the machine with $100 of your money and a coupon that represented a promise to pay actual money once it had been "played through". The value of that "promise to pay" can't be determined until you have played it through. The sticky part is how you treat the remaining real value once the coupon's face value has been played through. I, for one, don't want to open that can of worms with a direct question to the IRS. The next thing you know, they will decide to give a constructive value to free rooms, free food, etc. and we'll all regret we ever brought the subject up. I plan on continuing to keep a detailed contemporaneous log and I won't concern myself with the other issues until if and when I'm audited. Jim
On Tuesday, January 6, 2015 12:34 AM, "cy4873@hotmail.com [vpFREE]" <vpFREE@yahoogroups.com> wrote:
Bottom line you put in $100 cash and cashed out $150. The $100 freeplay is not cash and cannot be cashed out until played through once. If you put $200 cash in the machine you would be correct even if $100 cash came from a casino mail coupon. Bottom line $100 free play is not the same as $100 cash.
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Posted by: Jim Engstrom <jimengstrom1@yahoo.com>
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