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Originally posted by: prefect
The IRS has nothing to do with the gaming day - your income is recorded as income in the calendar year in which it's earned. The gaming day only applies to the accounting methods of the Nevada Gaming Control Board.
Originally posted by: prefect
The IRS has nothing to do with the gaming day - your income is recorded as income in the calendar year in which it's earned. The gaming day only applies to the accounting methods of the Nevada Gaming Control Board.
Interesting comment because the Chief Finance Officer for this casino stated to me that the IRS AND the Nevada Gaming Board BOTH approved their gaming day/accounting procedures. The IRS approved their "gaming day'???
I totally understand that casinos have gaming days end typically at 3 or 4 a.m.
What concerned me is what the casinos report to the IRS. In other words, I am perfectly okay if my win/loss statement is wrong, since it wasn't submitted by the casino to the IRS. But how do I know if the casino submitted my $7000 W2G in 2013 (because that matched up with THEIR reports of earnings)?
Incidentally, the CFO also indicated he could issue me a "corrected" W2G. Now why would I want that, since the jackpot DID occur in 2014, and why would I want to suggest to the IRS that I failed to report the $7K in 2013?
