Gaming Activity and Tax Form by Player Detail

[taxmcp]

Annual Gaming Activity associated with the player's club card Slot Gaming information provided by the casino shows Dollars In = 397,403.00, Dollars Out = 284,230.57, Win/Loss = -113,172.43, Att Pd Payout = 113,625, Adjusted Win/Loss = 452.57, #W2G Level Att Pd Payout = 9, and W2G Level Att Pd Payout = 113,625.

Tax Form by Player Detail for the year printed by the casino shows 40 W2G issued listing Jackpot Slip, Slip No, Amount, Local Tax, State Tax, Fed Tax, Net and Gaming Date for each one as well as Total by W2G. The Total by W2G Amount = $137,625.00.

From the Tax Form by Player Detail, Form W-2 Gambling Winnings = $137,625.00. However, I am perplexed as to what if any Gambling Losses to extent of winnings this player has.

Also, can I rely only on these two statements to report Gambling Winnings and Losses for this taxpayer?

[TAXNJ]

Don't know .....

if you should rely only on the statement you attached. Think the 2 footnotes on the statement are clear.

Also see link below from a TTB Forum prior post and do a search for "gambling" on TTB Forum for additional prior posts related to this subject.

http://forum.thetaxbook.com/showthread.php?26506-Gambling&p=179584#post179584

[ttbtaxes]

The IRS has issued guidance on session gambling and slot machines and there is an optional safe harbor method. These rules are contained at IRS Notice 2015-21. Also, Shollenberger v. Comm'r, T.C. Memo. 2009-306 is a good read.

[DonB]

Rant

The IRS has issued guidance on session gambling and slot machines and there is an optional safe harbor method. These rules are contained at IRS Notice 2015-21. Also, Shollenberger v. Comm'r, T.C. Memo. 2009-306 is a good read.

"The income tax has made more liars out of the American people than golf has." Will Rogers

And the gambling regulations are at the top of the list. It's an unfair tax on phantom income with impossible record keeping rules and impossible to compute the true "income" and true losses.

So what does one do? One approach is to report W-2G income and claim itemized deduction of players card losses. Netting not allowed-- Why???

[TAXNJ]

You left ....

"The income tax has made more liars out of the American people than golf has." Will Rogers

And the gambling regulations are at the top of the list. It's an unfair tax on phantom income with impossible record keeping rules and impossible to compute the true "income" and true losses.

So what does one do? One approach is to report W-2G income and claim itemized deduction of players card losses. Netting not allowed-- Why???

out the rest of the IRS Code sections.

[DonB]

Annual Gaming Activity associated with the player's club card Slot Gaming information provided by the casino shows Dollars In = 397,403.00, Dollars Out = 284,230.57, Win/Loss = -113,172.43, Att Pd Payout = 113,625, Adjusted Win/Loss = 452.57, #W2G Level Att Pd Payout = 9, and W2G Level Att Pd Payout = 113,625.

Tax Form by Player Detail for the year printed by the casino shows 40 W2G issued listing Jackpot Slip, Slip No, Amount, Local Tax, State Tax, Fed Tax, Net and Gaming Date for each one as well as Total by W2G. The Total by W2G Amount = $137,625.00.

From the Tax Form by Player Detail, Form W-2 Gambling Winnings = $137,625.00. However, I am perplexed as to what if any Gambling Losses to extent of winnings this player has.

Also, can I rely only on these two statements to report Gambling Winnings and Losses for this taxpayer?

The casino statement is confusing. It looks like it is saying there is a $452.57 net win for the year. If this is the case, the losses would be the W-2G amount less $452.57. I would call them to see if this is correct. Can you rely on the casino statement? I believe everyone else does.

[TAXNJ]

Answer....

would be with the client not the reply posters. No? Why not?