Taxes

bjcount

Well-Known Member
#5
cardcounter0 said:
technically, these are transactional reports that go to the treasury, and no proof of 'winnings'.
Excellent point...missed the "winnings" part, but the "government" was my key so if there are many 10k transactions red flags will waver briskly.

BJC
 

FLASH1296

Well-Known Member
#6
Cash Reporting and Taxes

Casinos must report to The Treasury Dept. two circumstances:

1. Total transactions in excess of $10,000 during a "gaming day"

2. "Suspicious Activities" wherein it appears that cash is being laundered.


The I.R.S. easily gains access to the above info - BUT there is no statement regarding WINS or LOSSES - only transactions.

I have had many "Cash Transaction Reports" - going back decades - and have never had a problem because of it.
 

bjcount

Well-Known Member
#7
FLASH1296 said:
I have had many "Cash Transaction Reports" - going back decades - and have never had a problem because of it.
CTR usually are not concerns for regular "players", if you report properly at tax time but the W-2G's can be devastating when they become numerous and of high dollar values such as those received by $10 -$50 slot/video players. Nearly every payoff is by hand along with a W-2G.
If your one of the +SD (lucky) slot/video players....
Remember to get a copy of your win-loss statement from the casino at year end. It's a guarantee that it will show you lost 20x more then you won as it registers every dollar that goes through the system.
 

EasyRhino

Well-Known Member
#8
Not that the IRS had not, traditionally, accepted casino win/loss as "proof" of losses to use as tax deductions. They have generally required that a fairly detailed log be kept of each session.

A recent court case out of san diego may have allowed win/losses. But it's still a great idea to keep a log if you have any significant chance of getting W-2Gs.
 

GeorgeD

Well-Known Member
#10
EasyRhino said:
Not that the IRS had not, traditionally, accepted casino win/loss as "proof" of losses to use as tax deductions. They have generally required that a fairly detailed log be kept of each session.

A recent court case out of san diego may have allowed win/losses. But it's still a great idea to keep a log if you have any significant chance of getting W-2Gs.
Per http://www.irs.gov/taxtopics/tc419.html

"It is important to keep an accurate diary or similar record of your gambling winnings and losses. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses. Refer to Publication 529, Miscellaneous Deductions, for more information."


I take that to mean your written records should be pretty consistent with any win/loss statements and such. I suppose if you want to be a bit compulsive you could even keep parking receipts, dinner receipts and hotel receipts as proof you were in the area on the date your personal log and win/loss statements show.

It's like a business ... your books are the main thing but you should have receipts for most of your expenses. An auditor might give you a break and allow non receipted expenses on a few things if everything seems consistant, but not likely he'll allow $5,000 unreceipted for a business week in Vegas.
 
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