Comments on: New Tax Memo https://www.lasvegasadvisor.com/frugal-vegas/new-tax-memo/ A Las Vegas Advisor Blog from the "Queen of Comps" Fri, 17 Apr 2020 18:06:17 +0000 hourly 1 https://wordpress.org/?v=4.7.4 By: queen of comps https://www.lasvegasadvisor.com/frugal-vegas/new-tax-memo/comment-page-1/#comment-3925 Thu, 28 Jan 2010 19:00:21 +0000 https://www.lasvegasadvisor.com/frugal-vegas/?p=208#comment-3925 The IRS has never specifically stated what a “session” is. I discussed this subject at length in my book “Tax Help for Gamblers.” It could be anywhere from the time on one machine to a complete week’s vacation in one casino town. However, the IRS, in an audit, might not accept long periods like the latter. Many gamblers use a one-day session time. We close each session when we change casinos. Whatever you use, it should be “logical” – and most important of all, it should be supported by good recordkeeping.

]]> By: Russ https://www.lasvegasadvisor.com/frugal-vegas/new-tax-memo/comment-page-1/#comment-3922 Thu, 28 Jan 2010 16:36:28 +0000 https://www.lasvegasadvisor.com/frugal-vegas/?p=208#comment-3922 Does a session consist of a “days” total play?
Or does a session occur each time you change machines, or go to a different casino?

Casino A, Machine 1 = $100 win
Casino A, Machine 2 = $200 Loss

Casino B, Machine 3 = $200 win

Is this days play 1($100 win),2($200 win & $100 loss), or 3 sessions for the tax man?

]]> By: Jeremy https://www.lasvegasadvisor.com/frugal-vegas/new-tax-memo/comment-page-1/#comment-3816 Tue, 26 Jan 2010 16:27:29 +0000 https://www.lasvegasadvisor.com/frugal-vegas/?p=208#comment-3816 What are they questioning specifically?

Making gamblers pay taxes on wins without being able to deduct losses is unbelievable. According to the memo you posted they lost money for the year but still owe taxes on their one winning day!

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