Gambling Income and Losses

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  • Davc
    Senior Member
    • Dec 2006
    • 1088

    #16
    The courts routinely assume there are undocumented wins when proper records don't exist. As far as fairness, don't complain to me. Talk to senior citizens groups, write a letter to the AARP magazine, contact your Congress critters.

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    • Gary2
      Senior Member
      • Aug 2010
      • 2066

      #17
      Originally posted by Davc
      The courts routinely assume there are undocumented wins when proper records don't exist. As far as fairness, don't complain to me. Talk to senior citizens groups, write a letter to the AARP magazine, contact your Congress critters.
      Or at least undocumented income, when the casino records are suspicious: http://www.ustaxcourt.gov/InOpHistoric/Pan.TCM.WPD.pdf

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      • jtclark
        Junior Member
        • Feb 2011
        • 6

        #18
        Quote:
        Originally Posted by jtclark
        but as opposed to Davc's opinion, my opinion is that a session can not extend past a single day.

        Say what? In the example each day is a session. The five days are the travel day, the cushion day, and the 3 CSEA SS days


        The above was Davc's response to my previous message and of course, he is correct. I should have looked more carefully at the math. Sorry about that.


        I have dealt with many senior citizens re: W2G reporting and many will come in with a year end statement that will show that they lost money during the year. A year-end tally is beside the point. The memo clearly illiterates a 'session' basis for calculating income and basis the 'session' on when one 'redeems... tokens'.

        The difficulty for the redemption of tokens is that while most machines paid in cash in the past, now many of the slot machines simply disburse a ticket. With table games, a player typically purchases chips and his or her redemption of those chips will often be irrelevant in terms of a gaming 'session.'

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