Casino Gambling Loss Reports

[S T]

I think my "brain" is dead or I am over thinking this.

I have a Casino Estimated Record of Tracked Win (Loss) Report

It gives me Estimated Tracked Cash In at $1,330,000
It gives me Estimated Tracked Cash Out at $ 1,035,000

A loss of $ 295,000
Jackpots recorded are $ 205,000

Estimated Tracked Net Win (Net Loss) is then 90,000

I am interpreting that then the total net loss allowable for this client would be $ 205,000
and the unallowed losses that exceed the winnings would be $ 90,000

Some Reports only provide the total net loss, which then I have to back into cash in/cash out versus the jackpots

Some reports include the jackpots or W2G reported in the Total Win (Loss)

None of the Casino reports are uniform and they all present differently, so I am trying to determine if I am on the right track.

Etc.

Sandy

[MLINDER42]

Casino Report

I agree with your interpretation but I can not believe that your client actually lost $90,000 cash.Can they afford that kind of loss?

[S T]

Thanks

I guess "losing" and "affording to lose $$" is subjective. Personally I would not like to lose $90K having a good time at the "slot" machines. It is bad enough you can lose huge $$ on 401K stock investments and the decrease in real estate values.

This t/p certainly had the income to report and distributed over $100K in retirement distributions in addition to wages, etc. to go have a good time.

Thanks for confirming my interpretation - I am answering a CP 2000 notice for unreported W2G forms (part were reported and a larger portion of the forms were not). Damage control after the fact .

Sandy