Harry, you make the exact case that I did in my original post: you can only
claim a loss of actual cash played/put into the machine. Taking out more
than you put in, however that happens, is a win in the amount of the
difference. However, in saying the IRS would probably not have a problem
with his process, you overlook the part where Jim suggests that he might
get a W2G, play part of the hand pay back, and report what is left as a
win. It has always been my understanding that claiming less than the total
of all W2G wins as your gambling win on you income tax is begging to be
audited, and clearly not a method the IRS accepts. I realize that Jim was
posing a hypothetical which he doesn't think would happen to him because of
his choice of games. I am certain that you and I do not want to ever
suggest a process that would get another person on this board into tax hot
water, so I thought clarification was in order.
Joel P.
[Non-text portions of this message have been removed]
Posted by: Joel Prickett <joejavinn@gmail.com>
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