my new years resolution is to cut back going to the casino

[staz]

i just looked at my win/loss statement from 2011 and it so makes my stomach turn........

Year Month Slot Table Racebook Keno Total
2011 January -2089.00 300.00 .00 .00 -1789.00
2011 February -3296.00 100.00 .00 .00 -3196.00
2011 March -3565.00 .00 .00 .00 -3565.00
2011 April -540.00 .00 .00 .00 -540.00
2011 May -2971.00 .00 .00 .00 -2971.00
2011 June 2476.00 -100.00 .00 .00 2376.00
2011 July -410.00 .00 .00 .00 -410.00
2011 August -1340.00 .00 .00 .00 -1340.00
2011 September 9945.00 .00 .00 .00 9945.00
2011 October -4565.00 -80.00 .00 .00 -4645.00
2011 November -1365.00 .00 .00 .00 -1365.00
2011 December -1825.00 .00 .00 .00 -1825.00
  -------------- -------------- -------------- -------------- --------------
Total -9545.00 220.00 .00 .00 -9325.00

--------------------------------------------------------------------------------


* * * * End Of Report * * * *

[cowboygames]

Staz, don't lie to us. You won't quit goin' to the casinos any more than you'll quit goin' to the bathroom. Just try to spend as much time at the former as you do the latter and you'll save money

[CaptainHappy]

Staz,

That is the net number it looks like, you really want to be shocked look and see if they give your total COIN IN and COIN OUT? Do they give you that number? How bad was that??? It will surprise you...

CH

[stayouttadabunker]

How in the world does a player get a win/loss statement from a casino?
You just...uh...ask them?   

[jdkmunch]

Yes -  I've done that many times -

As a matter of fact the casino I go to in PA now has the states right in the player's card.  I can go to their website put my number in and see how much I've lost for the year. 

[stayouttadabunker]

Cool!
So the next question in mind is: Is it tax-deductible?
How does one go about it? 


This question of course, does not apply to the free-loading illegal immigrants...   
 

[jdkmunch]

You have to win over $1,199 at one time to have taxes taken out.  If you have been so lucky to hit that amount then you can collect how much you have lost from all the casinos and cancel out the taxes on the $1199

[stayouttadabunker]

You have to win over $1,199 at one time to have taxes taken out.  If you have been so lucky to hit that amount then you can collect how much you have lost from all the casinos and cancel out the taxes on the $1199

That's funny...thanks for the answer Munch! 
I suppose the dumbest thing to do is stick in enough money to run up the credits to $1,200
and hit the cash out button to get a piece of paper?  

[jdkmunch]

it has to be one hit.

Thats why sometimes you see top
Awards of 1199

[staz]

this makes me even sicker i did a 4 year win/loss and this is what came up......

* The information contained on this statement is a summary of records contained in Mohegan Sun's player rating system. This information is unaudited and contains estimates of gaming activity when the corresponding players' club card was utilized.

Account Number xxxxxx33
Period Processed 01/2008 To 12/2011
Patron Win/Loss ($162,037.00) Loss 
 

[PLUNGER BOY]

I hope they named a wing after you !!!   

[FORDSBS]

this makes me even sicker i did a 4 year win/loss and this is what came up......

* The information contained on this statement is a summary of records contained in Mohegan Sun's player rating system. This information is unaudited and contains estimates of gaming activity when the corresponding players' club card was utilized.

Account Number xxxxxx33
Period Processed 01/2008 To 12/2011
Patron Win/Loss ($162,037.00) Loss 
 

ouch. that hurt

[staz]

i def need to stop gambleing......ill never recupe that money......

[cowboygames]

Jeez that's a lot Staz, you gotta spend more time at home with your own machines or move further away from the casinos. I'd be in a similar boat if they were more accessible, but having my own machines has gone a long way toward killing the need to go somewhere else to play too

[jdkmunch]

this makes me even sicker i did a 4 year win/loss and this is what came up......

* The information contained on this statement is a summary of records contained in Mohegan Sun's player rating system. This information is unaudited and contains estimates of gaming activity when the corresponding players' club card was utilized.

Account Number xxxxxx33
Period Processed 01/2008 To 12/2011
Patron Win/Loss ($162,037.00) Loss 
 

In the paper - Mohegan Sun is 1.6 Billion in debt -  you officially did you part to save the casino.

http://www.nypost.com/p/news/business/fun_in_mohegan_sun_in_doubt_ozNy5QCI2jEbYHQd6SLMdP

It's such a joke

[staz]

thats why i need to add a few more slots to keep me busy......hopefully i can get these 3 slots this year......$100 double top dollor , 1 line quik hit alpha , and i  wanna build a red hotie......

[staz]

mohigans is making money they got every damm machine in high stakes running in the mid 80%........ last week i saw this lady dump 20k in a $100 top dollor and she finally got the bonus and it gave her 3k....... thats highway robbery.....

[jdkmunch]

I agree with you 100%

[daddy2yea]

Thank goodness for September.

[staz]

september was a good month hit 12500 on the $100 wheel......

[channelmaniac]

HOLY CRAP! 162k would pay my house off.

[CaptainHappy]

this makes me even sicker i did a 4 year win/loss and this is what came up......

* The information contained on this statement is a summary of records contained in Mohegan Sun's player rating system. This information is unaudited and contains estimates of gaming activity when the corresponding players' club card was utilized.

Account Number xxxxxx33
Period Processed 01/2008 To 12/2011
Patron Win/Loss ($162,037.00) Loss  
 

Staz,

I say call your casino host and tell them that you are curious to know what your total coin in and coin out were for each year... make sure you are sitting and then post a picture of your head spinning!!!

You will be amazed what those figures are as they take into account the original stakes from you, as well as the money that you recycle while playing!!!

Let us know what they say if you are still breathing!

CH

[staz]

Staz,

I say call your casino host and tell them that you are curious to know what your total coin in and coin out were for each year... make sure you are sitting and then post a picture of your head spinning!!!

You will be amazed what those figures are as they take into account the original stakes from you, as well as the money that you recycle while playing!!!

Let us know what they say if you are still breathing!

CH

lets just say in 09 i had $470,000 in slot slips.....and i still came out at a loss for the year....so coin in and out would make me puke

[Slotdocsup]

I just want to say thank you.  

[knagl]

So the next question in mind is: Is it tax-deductible?
How does one go about it? 

To expand on what jdkmunch said, you may deduct gambling losses only up to the total of reported gambling wins (typically wins of $1,200 or more in a single spin).  You can not get a deduction for losing money at the casino, rather, you can (only) cancel out the tax liability on wins you had in the same year, if you can prove that you lost at least that much.