Record Keeping

[metronome]

Today was "visit the accountant day". For the first time we presented a W-2G. CPA asks if we have any offsetting losses during the period or a log of our activity. Obviously we did not. So we learned a bit as to reporting gambling proceeds.
Would any members care to share publicly or by PM as to their record keeping as it pertains to BJ and VP and perhaps an outline of said logs.
Can one log can handle info important to the player and be relevant to tax considerations also...or would it require two sets of data, one for the gov'ment, one for the player.
Would it just be easier to ask the casino for the info if playing rated?
Any other tips, tricks etc. are appreciated.

[Bodarc]

http://www.irs.gov/publications/p529...blink100027013

These are IRS guidelines relating to record keeping:

Diary of winnings and losses. You must keep an accurate diary or similar record of your losses and winnings. Your diary should contain at least the following information.

• The date and type of your specific wager or wagering activity.
  
• The name and address or location of the gambling establishment.
  
• The names of other persons present with you at the gambling establishment.
  
• The amount(s) you won or lost.

Proof of winnings and losses. In addition to your diary, you should also have other documentation. You can generally prove your winnings and losses through Form W-2G, Certain Gambling Winnings, Form 5754, Statement by Person(s) Receiving Gambling Winnings, wagering tickets, canceled checks, substitute checks, credit records, bank withdrawals, and statements of actual winnings or payment slips provided to you by the gambling establishment. For specific wagering transactions, you can use the following items to support your winnings and losses.

These record keeping suggestions are intended as general guidelines to help you establish your winnings and losses. They are not all-inclusive. Your tax liability depends on your particular facts and circumstances.

Keno. Copies of the keno tickets you purchased that were validated by the gambling establishment, copies of your casino credit records, and copies of your casino check cashing records.
Slot machines. A record of the machine number and all winnings by date and time the machine was played.
Table games (twenty-one (blackjack), craps, poker, baccarat, roulette, wheel of fortune, etc.). The number of the table at which you were playing. Casino credit card data indicating whether the credit was issued in the pit or at the cashier's cage.
Bingo. A record of the number of games played, cost of tickets purchased, and amounts collected on winning tickets. Supplemental records include any receipts from the casino, parlor, etc.
Racing (horse, harness, dog, etc.). A record of the races, amounts of wagers, amounts collected on winning tickets, and amounts lost on losing tickets. Supplemental records include unredeemed tickets and payment records from the racetrack.
Lotteries. A record of ticket purchases, dates, winnings, and losses. Supplemental records include unredeemed tickets, payment slips, and winnings statements.

If you play rated, the casino will be able to provide you with their win/loss record also.

[ZenMaster_Flash]

metronome, here is what you need to know:

You can offset your W-2G wins with losses up to, but not exceeding, the amount of the win.

Reported losses garnered from the casinos are no longer acceptable to the I. R S.

Obviously the taxpayer can simply ignore casinos where s/he had a gross profit.

You need to keep a regularly upgraded log of all gambling activities ~ hand-written.

If it is obvious that you created said log long after the fact it is not acceptable; e.g. using one pen.

Spread sheets, etc. are not acceptable.

[psychic_acid]

Although I'm still new to the forums, I have a bit of advice I might throw in. I work as a dealer and ask a lot of questions to the pit bosses about how they rate players and such and I know that if the count in the tray is off after a group of people leave and they're not sure who took what (a few green chips or $50 in red), they'll just give it out randomly, many times to any one of the rated players. I say this to encourage you to keep your own records rather than going by what the casino said you won/lost (this is all assuming that you play rated). $50-100 can add up quickly if you're hit with this a couple times a week year-round!

[metronome]

Fine responses, thanks
And in the digital age, our IRS wants hand-written notes....

[21forme]

I tried to PM you, but this fine message board no longer permits me to do so.

[Nyne]

Spread sheets, etc. are not acceptable.

Is there a recent case that didn't allow computerized records? I've never heard before that it is not acceptable. Currently, I record my session results in my phone then transfer them to a spreadsheet after the trip. If you can point to specific guidance from the IRS or tax court, I'll change my practice to produce hand written records daily, but I still won't carry hand written records into the casino, so my primary records will still be on the phone since I often have several sessions (several different games played) in one casino visit and my memory isn't good enough to record them all after leaving the casino.

[ohbehave]

Table games (twenty-one (blackjack), craps, poker, baccarat, roulette, wheel of fortune, etc.). The number of the table at which you were playing.

Table number? Srsly??

[Bodarc]

Also the dealer's name, shift, whether or not she flashes, what seat to best observe it and the phone # of the cocktail waitress.

[metronome]

I tried to PM you, but this fine message board no longer permits me to do so.

Yes I see that, wonder why

[21forme]

Yes I see that, wonder why

Because PMing is now only available to pay subscribers.