Ken,
Yes, I got the tax form.
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Nothing has changed! Check Seven Stars Insider Web site "Latest News".
Darryl
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How do you look at points that you convert into cash back or free slot play?
-----Original Message-----
From: "bornloser1537@yahoo.com [vpFREE]" <vpFREE@yahoogroups.com>
Sender: vpFREE@yahoogroups.com
Date: 04 Jan 2015 09:16:48
To: <vpFREE@yahoogroups.com>
Reply-To: vpFREE@yahoogroups.com
Subject: [vpFREE] Re: CET Win Loss Statement now available
> 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.
But, how do you handle what its value has become after it is played through once and it becomes real money?
Is the ending amount simply considered to be winnings, with nothing having been risked in earning it?
..... bl
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Is there a difference in how a casino treats downloadable free play from a free play coupon? In one case you are putting in the coupon, in the other case they are giving you free play via the download.
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<<This is why the IRS wants you to do a contemporary gaming diary as you're playing, and that is considered to be more reliable than win- loss statements. By the way do not mail copies of your win loss statements with your returns. This confuses the IRS. Only save them as backups to be used in the event of an audit and plan to show your gaming Diary as the primary proof of your wins and losses along with W2G statements. The win loss statement is only additional proof not the main proof.>>
We don't gather up our win-loss statements anymore. You only need them in case of an audit – and perhaps not even then if you have a good gambling diary. If you ever do need them in the future, you can get them at that time. So don't stress if you can't get some of them - or if they are not accurate – they almost NEVER are!!!!
From Tax Help for Gamblers, which has a whole section on win-loss statements: The biggest problem with casino win/loss statements is all of the disclaimer language that they put at the bottom of the statements. In a Tax Court Memorandum, Mayer v. Commissioner (2000), the court gave no probative value to the win/loss statements that the taxpayer produced, because of the disclaimer at the bottom...The IRS will consider it supporting evidence only. The win/loss statements themselves will usually not get you through an audit...However, there's a real danger I must warn you about in using casino win/loss statements, particularly those that give coin-in and coin-out figures. They can end up biting you in the butt. On the one hand, they can get a taxpayer off the hook for not having good records, but then it creates other problems. Right now, there is a general trend within the IRS to accept these statements, but then they use your gross coin-out as your win figure, a much bigger one than your session total win would be if you kept good records.
------------------------------------------
Jean $¢ott, Frugal Gambler
http://queenofcomps.com/
You can read my blog at
http://jscott.lvablog.com/
.
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Casino Windsor has a bank of "full" pay Pick-Em , I was told, "BUT" it is $80;00 per one Tier point.
From: "Nordo123@aol.com [vpFREE]" <vpFREE@yahoogroups.com>
To: "vpFREE@yahoogroups.com" <vpFREE@yahoogroups.com>
Sent: Sunday, January 4, 2015 4:54 AM
Subject: Re: [vpFREE] Re: New Version of WinPoker CD
Borgata in Atlantic City might still have Pick Em, however with "incorrect" payouts. Other casinos might have "Pick A Pair" made by IGT. Almost always they have low payouts. The best version that I have ever seen has the following per coin payout 1) Pair of 9's or higher 2, 2) 2 Pair 3, 3) 3 of a Kind 5, 4) Straight 11, 5) Flush 15, 6) Full House 18, 7) 4 of a Kind 120, 8) Straight Flush 239.8 or 240, 9) Royal Flush 1200. Be prepared to be bored to death!
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Another reason that these may be in accurate is if the husband is playing on a wife's card and she gets a jackpot the jackpot goes into the wife's account even though has been physically was playing the machine and is issued the W-2 G .
And maybe they are in accurate just because they're in accurate, for example I just got a letter from one casino telling me they had accidentally sent the federal government a duplicate of One of the W-2 game I had received. One time I got a list of all of the W2G's from the IRS and it was wildly inaccurate, especially if I have received 2W2G's from one casino of the exact same amount the iris listed it as only one in some cases.
And of course sometimes people forget to put their card into the machine while playing or take it in and out missing a couple of hands.
This is why the IRS wants you to do a contemporary gaming diary as you're playing, and that is considered to be more reliable then when loss statements.
By the way do not mail copies of your win loss statements with your returns. This confuses the IRS. Only save them as backups to be used in the event of an audit and plan to show your gaming Diary as the primary proof of your wins and losses along with W2G statements. The win loss statement is only additional proof not the main proof.
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On each w2g form there is a address. I would try writing to that. Usually this is a corporate address. And probably mail is being forwarded from that address to someone somewhere still does paperwork because a corporation like the Revel will still exist in some form for months and months even after bankruptcy.
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> 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.
But, how do you handle what its value has become after it is played through once and it becomes real money?
Is the ending amount simply considered to be winnings, with nothing having been risked in earning it?
..... bl
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There is a problem with counting lost free play the same as lost cash. From
an accounting and tax point of view the $200 coupon cannot be counted as a
loss until it has been counted as a $200 gain as income. All of a person's
money has to come from somewhere and technically be accounted for. 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. If you leave
coupons at home or let them expire you have lost the opportunity to play
for free but you have not lost anything from an income point of view.
Joel P.
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Vegas Values Report - 4 JAN 2015
http://www.americancasinoguide.com/vegas-values/vegas-values-report-for-january-4-2015.html
or
http://goo.gl/eChKOw
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and doesn't constitute an endorsement or approval
of the linked article's content by vpFREE. Any
discussion of the article must be done in
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I believe the reason free play is included in the win/loss is an accounting/budgeting one. Free play is considered a marketing cost and goes against the budget for that cost center. The casino is a separate profit center and the incoming free play gets counted as any other money put in the machine. Otherwise I don't think you could calculate the return of various games on a equal basis. Cost and profit center accounting sometimes cause seemingly contra logical procedures.
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On Jan 4, 2015, at 2:21 AM, vpFREE@yahoogroups.com wrote:
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> Technically true, but FWIW I always count lost free play $ as bona fide losses.
That's a tough call (for me, anyway), FREEPLAY does not become real money until you play it through once. And it could be worth almost anything after you do that.
..... bl
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