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  1. #31
    Senior Member Grid's Avatar
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    Quote Originally Posted by Casualplayer View Post
    That's really interesting to me. And this is the first year I've had a card, so now I am seeing the comps and FP and thought about the "stacking" you suggest. You say 8k is your coin in. For the year? If so, your W/L wouldn't show 8k as coin in. It'd show lots more than that because of playing back every penny won. That's what's tripping me up, I think. In this example, I'd look at it as: I "invested" $8k over 2016 and my W/L shows coin-in as $75k. I can't get past the $75k!

    But anyway -- it seems like the theory here is that you can count on losing 10-15% of your BR on average, over time.
    $8K of coin in per night. I honestly couldn't tell you what I burn through over an entire year. I play in Atlantic City, Chicagoland, Vegas ETC so I'd have to pull up my tax reports on each one to break it out. At most places, $3K-$5K is more than enough in a day to get a room and some extras.

    My Win Loss will show much less that $8K per day. The $8K per day is the cycle of money through. Your actual wins and or losses are much much lower. If you played at casino A 4 times in a year, Won $100, Lost $100, Lost $200 & Won $50. You might have played through $20,000, but that doesn't matter how much you play, what matters on your taxes (and that statement) was how much you lost or won.

    In my example, your W/L for 2016 at Casino A is -$150. That is actual money lost out of pocket.

  2. #32
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    Okay -- so let's you had 5k as your BR for the year. At the end of the year, your cycle of playing shows 50k as coin in and 46k as coin out. You have a net loss of 4k for the year. Or do you look at it as a net win of 1k, since you started with 5k? You still have a net loss, though. You are not up. You did not make any "profit" from your 5k investment. You ended the year with no reportable wins. Right? Wrong?

  3. #33
    Senior Member Scorcho's Avatar
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    Quote Originally Posted by Casualplayer View Post
    Okay -- so let's you had 5k as your BR for the year. At the end of the year, your cycle of playing shows 50k as coin in and 46k as coin out. You have a net loss of 4k for the year. Or do you look at it as a net win of 1k, since you started with 5k? You still have a net loss, though. You are not up. You did not make any "profit" from your 5k investment. You ended the year with no reportable wins. Right? Wrong?
    If I started with $5k in my wallet and ended with $1k, then I lost $4k. There's no other way to spin this -- coin-in doesn't matter here.

    (I suppose you could make the argument that if you got $3k worth of free rooms and food out of the deal that you'd only be down $1k -- that just depends on individual philosophies)

    Coin-in only matters as a way for a casino to rate your play (and offer comps) based on what they can expect a player like you to lose to them on average.

  4. #34
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    Quote Originally Posted by Casualplayer View Post
    Okay -- so let's you had 5k as your BR for the year. At the end of the year, your cycle of playing shows 50k as coin in and 46k as coin out. You have a net loss of 4k for the year. Or do you look at it as a net win of 1k, since you started with 5k? You still have a net loss, though. You are not up. You did not make any "profit" from your 5k investment. You ended the year with no reportable wins. Right? Wrong?
    I look at it as a $4,000 LOSS. $46,000 win SEEMS like a good win until you factor in all of the variables. On the plus side playing through $50,000 you get to be Black Card Member in your Casinos! Black in my local casino gets more giveaways, big points, meal deals, hosts, big free play.

  5. #35
    Senior Member thelma's Avatar
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    Quote Originally Posted by Casualplayer View Post
    Okay -- so let's you had 5k as your BR for the year. At the end of the year, your cycle of playing shows 50k as coin in and 46k as coin out. You have a net loss of 4k for the year. Or do you look at it as a net win of 1k, since you started with 5k? You still have a net loss, though. You are not up. You did not make any "profit" from your 5k investment. You ended the year with no reportable wins. Right? Wrong?
    Quote Originally Posted by Scorcho View Post
    If I started with $5k in my wallet and ended with $1k, then I lost $4k. There's no other way to spin this -- coin-in doesn't matter here.

    (I suppose you could make the argument that if you got $3k worth of free rooms and food out of the deal that you'd only be down $1k -- that just depends on individual philosophies)

    Coin-in only matters as a way for a casino to rate your play (and offer comps) based on what they can expect a player like you to lose to them on average.
    Yes to Scorcho's reply. You lost $4K for the year. And coin in doesn't matter for these purposes.
    You say "no reportable wins". Do you mean you had no W2-Gs that were reported? If you're asking about IRS-reportable wins (since you're supposed to report all winning sessions' profit), and you had some, then you had IRS-reportable wins for the year. If every session was a loser, then you're correct, you had none.
    If you had a winning session or more during the year, your W/L from the casino will be different from the 'income'/win on the 1040; the IRS doesn't allow netting for the year. Ripoff, I know.
    And an update for you, my dear, on my IRS 'friends': another letter after sending them a copy of my Schedule A says 'give us 60 days to process the new info you sent'. So... May was give us 60 days, now 'give us 60 days' more. They seem to be in no hurry. lol
    Last edited by thelma; 07-18-2017 at 01:53 PM.

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