Well, first of all, I always play my free play on quarter single play machines, so a W2G could not be generated. However, to answer your question, it appears to me that their "gift" of freeplay, ends up with a value of whatever is left at the end of that session. In my contemporaneous handwritten log, I don't mix freeplay results with money out of my pocket results. Whatever I cash out at the end of my "freeplay" session, is what I log as winnings.In all candor, that amount is usually 0 because I normally play until I've lost my freeplay. My only "profit" is represented by whatever reward credits I've accumulated during that period. I realize that the rewards credits have value, but I don't view them as reportable winnings any more than I would with free rooms or meals. If, for some reason, I was playing my freeplay on a dollar machine, AND I hit a hand that generated a W2G, AND I quit before I lost it back to the casino, then, yes, I would log whatever I cashed out as gambling winnings for that session. (How I would handle the face value of the freeplay is another matter). I don't think the IRS would have a problem with that interpretation, when and IF I ever am audited.I've been doing it this way for over 50 years and have never been audited. (I turn 74 tomorrow.) I realize sending an email like this into the public domain could increase the chances of an audit, but I would welcome that as I'm convinced my interpretation is a conservative one. Jim
On Monday, January 5, 2015 11:04 AM, "Shagatola shagatola@yahoo.com [vpFREE]" <vpFREE@yahoogroups.com> wrote:
What if you hit a taxable jackpot when playing off the free-play-gift? I've always reported free play as normal play and winnings. After all, the amount you're playing through (say $250 in free play) isn't cash, it is in fact a gift. The casino is free-rolling you. If you lose every hand, nothing happens. But if you do win a hand, that means you win money (duh). And winning money, in any way, shape, or form, is supposed to be reported to the IRS on your tax forms, as far as I know, at least. Sure, you can probably get away with not reporting your free-play winnings/earnings/gifts to the IRS, but that's not a tree I want to climb.
"Jim Engstrom wrote:
>> A coupon from Caesars is not money and clearly says so on the coupon. If you lose the coupon (in a machine or otherwise) you have lost no money ...
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Posted by: Jim Engstrom <jimengstrom1@yahoo.com>
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