Attention, Signers for Slot Winnings over $1,200

[RS]

I don't mean to be rude Aslan, but what's the point here?

Hopefully he kept a session journa. Why didn't he report the table games winnings? Did he report other slot sessions? I don't know about him or anyone else, but there's no way in hell I'll be filing W2G's without including other sessions from table/slot/VP. Does the IRS just think, "Hey this guy has $15k+ in w2g's, I'm sure he's never played a table game or even had a winning/losing session at the slots that didn't include a w2g." ??

[Aslan]

I don't mean to be rude Aslan, but what's the point here?

Hopefully he kept a session journa. Why didn't he report the table games winnings? Did he report other slot sessions? I don't know about him or anyone else, but there's no way in hell I'll be filing W2G's without including other sessions from table/slot/VP. Does the IRS just think, "Hey this guy has $15k+ in w2g's, I'm sure he's never played a table game or even had a winning/losing session at the slots that didn't include a w2g." ??

No, a non-advantage player, he is not very gambling wise and never keeps a journal. He figures that the only winnings the IRS knows about are those that he signs for, such as, slot machine jackpots exceeding $1,200.

The point is, many APs believe their winnings are invisible to the IRS except for those that they sign for, such as jackpots over $1,200. Even the win/loss statement issued upon request by the casino is marked, "Not for tax purposes." I personally did not know these statements were available to the IRS, even though I keep a journal and pay on all my winnings.


Do you think the average non-AP keeps a journal? No, their expectation is to lose overall, at table games and especially at slots, so why go to the trouble of keeping a journal. But I posted this anecdote for any AP who may think the IRS does not go into their casino records.

By the way, do you pay taxes on the winnings you rat-hole and which do not go on your win/loss statement? Don't answer that. The point is again, people, APs and non-APs alike, may be guilty of not paying taxes on winnings they do not believe are known to the IRS. Many APs, especially those who do not play slots and therefore do not have "signers", may believe they do not really need to keep a journal, especially since they never have wins over $10,000 requiring an IRS report to be filed. But even the small gambler is at risk-- a good thing to know for those who do not already know it as yourself.

[moo321]

tldr version: You need to keep a written diary of your win/loss and games played at each casino, each day. I would strongly recommend also keeping a "buy-in/cash-out" section.