About free play: <<I can't imagine how it should be treated other than an addition to
taxable income, just as any win without a w-2g is. Do you think it might not be taxable?
Some people count it as a "comp," just like free buffets, bolstering their argument that some casinos give you a choice of free play or comps for your points. Some think it might depend on whether you file as a recreational player or a professional. Some mostly play it until it is gone (like pigging out at the buffet ), not just through once, and would only report it if they hit a W-2G jackpot. Not only does the IRS not address this, there is no agreement among tax preparers. I'm not saying this isn't a suitable subject for this forum, but everyone should remember that comments on this tax issue are opinions, not facts of law. Even if you have had an experience with an IRS person about free play, that doesn't mean you can say "this is how it should be done." IRS people differ in interpretations when there is not a clear rule. And taxpayers have varying individual circumstances.
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Jean $¢ott, Frugal Gambler
http://queenofcomps.com/
You can read my blog at
http://jscott.lvablog.com/
[Non-text portions of this message have been removed]
Posted by: "Queen of Comps" <queenofcomps@cox.net>
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