jgalt1: Bob Dancer: Another way to get thrown out of a casino

[oldnewbie]

And then there's the Coast casino Player's card, which only awards points for Dollars won, not Dollars wagered.

What would be the point of trying to hide your wins anyway? I can't believe the Casino would kick out a slot player who wins. They would try to keep him playing, because they would get their money back sooner or later.

BJ is a different story, VP may be a different story, (I'm not convinced yet), but slots? They want to keep those quarters flowing!

-oldnewbie

[Bettie]

> What would be the point of trying to hide your wins
> anyway?

Because, at the end of the year, many players get their win/loss statement from a casino in order to reconcile their taxes. Since your winnings can be offset your losses (but the casinos don't give you W2L (losses) along with those W2Gs that can stack up), a lot of players try this stunt in order to show a greater loss when that win/loss statement is generated.

I'm also a non-believer of getting those win/loss statements from the casinos. For one, I already have my W2Gs tracked, so I know how much to tell the gov I won (not one cent over the total of my W2Gs). Many, many casinos are in the practice of reporting your win/loss to the gov if you request the form, though they will otherwise only report your total W2G wins. Since I think the government should only see the numbers that I want them to see, that practice is dangerous. I might re-think that position if I knew that I lost a very big amount, say $20,000, but you can only write off your losses to the extent of your winnings, so it's pretty useless to get those reports.

I hope that I was able to explain myself here. I'm certainly no expert, though we carry several books that can help anyone who needs more information.

Bettie

Tax Info for Gamblers

[Sun Runner]

> Many, many casinos are in the practice of reporting your win/loss to the gov if you request the form ...

Would you care to expand on this?

Does the report state that this information is being transmitted to the government (in lieu of form 1099 maybe)?

Specifically how, and by what method (form) is the information contained in this 'report' transmitted to the government?

[Bettie]

> Would you care to expand on this?

As much as I can.

> Does the report state that this information is being
> transmitted to the government (in lieu of form 1099
> maybe)?

Depends on the individual casino. Make sure that you ask if, by submitting the win/loss request form, that the statement will also go to the gov. For example, based on past information only, HRH does not submit the info while the Stations does (again, this may not currently be accurate). Win/loss statements are NOT universal. First, you go to the casino or the casino's website and fill out a request for your win/loss statement that requires your name, player's club number, and some other info. The win/loss statement will then be mailed to your residence.

> Specifically how, and by what method (form) is the
> information contained in this 'report' transmitted to
> the government?

No clue.

Bettie

[Sun Runner]

> Win/loss statements are NOT
> universal. First, you go to the casino or the casino's
> website and fill out a request for your win/loss
> statement that requires your name, player's club
> number, and some other info.

I have one players club card and was not required to provide a social security number.

Do players club cards normally require a social security number?

When you go to this website, to request your win/loss statement, is part of the other info a request for a social security number?

Thanks.

[Parker]

> Do players club cards normally require a social
> security number?

There is often a space for a social security number on the players club application. I always write "decline" in this space, as in "decline to state." I have never once had this questioned.

Of course, if you hit a slot/VP jackpot of over $1200, you must provide your SSN for the W2G.

> When you go to this website, to request your win/loss
> statement, is part of the other info a request for a
> social security number?

I've never done this, so I don't know. I would like to mention that one should never provide any personal info (especially SSN) unless it is requested on a secure website. Look for a little padlock or key symbol in a corner of the browser.

[Bettie]

> When you go to this website, to request your win/loss
> statement, is part of the other info a request for a
> social security number?

Let me reiterate that each casino has their own win/loss request form. Some make it available online, some do not. The request for your SSN is only made (though Parker states correctly above that some player's clubs do ask for it) IF you turn in the win/loss statement. That's because the casino is likely going to report that win/loss to the gov, and your SSN is your federal id.

You can go to any casino and get a win/loss request form. It isn't until you give it back to the casino with all of the info filled out that you are entered into the accounting system to receive, along with (potentially) the gov your win/loss statement after 6 or so weeks.

Bettie

[Sun Runner]

> It isn't until you give it back to the casino
> with all of the info filled out that you are entered
> into the accounting system to receive, along with
> (potentially) the gov your win/loss statement after 6
> or so weeks.

I'll accept the above at face value for now as I am not familiar with the win/loss report.

It just seems odd that the casino has all the information neccessary to provide a win/loss report (assuming you are a joiner) but they won't produce it, or transmit it to the IRS, until you provide a SSN. (Yes, of course they can't transmit it without a SSN, I know.)

And further, I have known very few, if any at all, business' that voluntarily provide info to the IRS that is not required.

The W2G regs, the CTR requirements, etc are clear and well defined .. so they comply. This win/loss record that is, I assume in some instances, being transmitted to the IRS, on a sporadic selective basis creates a big disconnect for me.