How to prove slot machine losses

History of Slot Machines

I would deduct what you can substantiate. If I'm reading this correctly, you have $48k in W2Gs. Including those wins with your regular income, taking off your normal deductions, then crediting taxes already paid through your paycheck and casinos deducting taxes, you will owe $7000 in taxes unless you take a gambling loss deduction. Do I have to report my gambling winnings to the IRS ... You must have adequate documentation to prove your losses. Keep losing tickets, ATM receipts, canceled checks and bank withdrawal statements. ... Include slot machine number. Slot clubs can often ... Gambling Losses: Tax Question? | Yahoo Answers *Gambling losses, but only to the extent of gambling winnings reported on Form 1040, line 21. You cannot reduce your gambling winnings by your gambling losses and report the difference. You must report the full amount of your winnings as income and claim your losses (up to the amount of winnings) as an itemized deduction. What to Know About Gambling Income and Taxes

For slot machine winnings, a Form W-2G is issued only when winnings are $1,200 or more. The taxpayer was essentially saying that all of her winnings were $1,200 or more; she never won smaller amounts. The auditor questioned this by requesting documentation of her winnings and losses from the year.

Dancing Drums Slot Machine - Dancing Drums Slot Machine. The thunderous echoes of lucky drums being thumped signals the re-emergence of those cute little Fu Babies who featured on the opulent reels of 88 Fortunes. This time, you’ll be hoping they’re followed by the sound of cymbals clashing together, which indicates they’ve delivered good fortune your way. Slot Machine Math - Gamblers' Bookcase For a three reel machine with twenty stops per reel, we have 20 x 20 x 20 = 8,000 combinations of slot symbols. If a jackpot offered on this machine pays on 7 7 7 and only one 7 symbol is on each reel, then the probability of hitting this jackpot is 1/20 x 1/20 x 1/20 or one in 8,000. How Are Gambling Winnings Taxed? | The TurboTax Blog

3 Ways to Find a Loose Slot Machine at a Casino - wikiHow

Paying Taxes on Slot Machine Jackpots - To save yourself from owing anything at tax time, you must prove that you lost more money than you won. One way you can do that is by ALWAYS using your players card in the slot machine. This will track all the money that goes into the machines, and all the money that comes out.

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Reporting Gambling Income and Losses to the IRS | This article applies only to gambling winnings and losses for causal gamblers. If you consider yourself a professional gambler, you must file a Schedule C (Form 1040) for your gambling business, and it’s recommended that you consult a tax … The History and Evolution of Slot Machines - A Brief Historical

the following items to support your winnings and losses. • 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

Jan 6, 2011 ... 4, and accused of exploiting a software 'glitch' within slot machines in order to ... the slot machine provider/developer liable for the losses incurred by ... not only is it impossible to prove, it also seems like it means that the rules ... Paying Taxes on Slot Machine Jackpots -

Establishing basis for gambling losses: most taxpayers are Jun 01, 2007 · * Each pull of a lever or push of a button on a slot machine, hand of blackjack or spin of a roulette wheel is an individual wager that may result in gambling winnings. * To prove gambling losses and taxable income, taxpayers are subject to rules of proof, recordkeeping, estimating and … ♦Big Slot Loss! $300,000 Thousand High Limit Vegas Casino Dec 06, 2016 · ♦Big Slot Loss! $300,000 Thousand High Limit Vegas Casino NO Jackpot Handpay Aristocrat, IGT ===== Warning! Any re-broadcasting, re-uploading, of … How to deduct your gambling losses - MarketWatch