win/loss statements
  • Here's a topic I don't remember seeing here. I mostly play blackjack, but will occasionally play some video poker if my luck is bad or I need to wait for an open table. Of course, in one of those $20, 10 minute breaks, I hit a $3000 jackpot (triple play royal flush on a quarter machine). I now have a W2 form to contend with. "No problem" I think, I always use my players card, and I am careful to squirrell away chips when I am winning at blackjack and will sometimes even take some home with me to hide when I win. I KNOW I am showing a couple of thousand loss. First of all I have to make the request for a statement in person, then I have to return to pick it up. "NO problem", I think, because I need to show this loss. Well, my statement tracked my miniscule video poker play, with the $3000 win, but shows only a $250 blackjack loss. Now, I have played at $25 tables, one to three times a month for the past year, and my last three sessions were BIG losers!!! Is this typical for statements? Any advice on how to show a loss for my taxes?
  • You have to keep an accurate log. Giving date, time, amount won/lost, location, etc. If you don't have that, you can't claim any of your losses, the IRS will zap you quickly.
  • Is it common that there is such a poor record of losses/wins? I know that it was recorded almost every time I bought in. I'm not so sure if it was recorded how many chips I walked away with, but I thought that it would be a lot closer to my actual play.
  • I believe that the main thing the pit tracks, player by player, is average bet and length of play, to compute the "action". Tracking win/loss data is harder as you can move from table to table, hide chips, give chips to friends, buy in at the cage, etc...

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