Handpay Journal Entry

What is the reasonable journal entries for handpay transaction at cage?

What does that mean? Can you explain in more detail

Quote: casinojack

What is the reasonable journal entries for handpay transaction at cage?

I started to answer, then decided to wait for the additional info WoN has already requested.
Not sure I understand the specific question?

We are all supposed to keep journals if we want to claim we can offset big wins. Must be related to that?

Might be somewhat related but it's a little to vague to infer anything. If that's the issue and it's a hand pay w2g I would record the exact amount of the hand pay

Guessing as to the meaning of your question, the IRS states :

Quote:

Diary of winnings and losses. You must keep an accurate diary or similar record of your losses and winnings.
Your diary should contain at least the following information.

- The date and type of your specific wager or wagering activity.
- The name and address or location of the gambling establishment.
- The names of other persons present with you at the gambling establishment.
- The amount(s) you won or lost.

Proof of winnings and losses. In addition to your diary, you should also have other documentation. You can generally prove your winnings and losses through Form W-2G, Certain Gambling Winnings, Form 5754, Statement by Person(s) Receiving Gambling Winnings, wagering tickets, canceled checks, substitute checks, credit records, bank withdrawals, and statements of actual winnings or payment slips provided to you by the gambling establishment.
...
These recordkeeping suggestions are intended as general guidelines to help you establish your winnings and losses. They are not all-inclusive. Your tax liability depends on your particular facts and circumstances.
...
Slot machines. A record of the machine number and all winnings by date and time the machine was played.

That's what the IRS says is "required." For me, "reasonable" would be the date, type of wager ("slots"), location (I can look up the address when I'm audited), and amount won or lost. If I had a big win (i.e., requiring a W-2), then yeah, I might get the machine number, too, but I've never been that lucky.

Edited to add: My low-roller logs, for example, look like the following. I don't list the people I played with, the table numbers, the machine numbers, the pit boss names, because I think it's unlikely that I'll get audited, and even less likely that the IRS will think that info is relevant.

Date	Net	Game	Location
10/15/2015	$10.40	Slots	Westgate
10/15/2015	$60.00	Craps	The D
10/15/2015	$(25.00)	Video Poker	The D
10/15/2015	$(14.90)	Slots	The D
10/16/2015	$(39.00)	Craps	Golden Gate
10/16/2015	$1.22	Slots	Golden Gate
10/16/2015	$(10.00)	Video Poker	Golden Gate
10/16/2015	$129.33	Slots	The D
10/16/2015	$298.07	Video Poker	The D
10/16/2015	$(10.00)	Sigma Derby	The D
10/16/2015	$(150.00)	Craps	Fremont

(Note, I'm a lawyer, but not a tax lawyer, and I do taxes for low income folks through a non-lawyer community organization in a jurisdiction with casinos, so I know just enough to be get all of us in trouble, but probably not enough to avoid the trouble.)

You should buy my blackjack strategy, looks like you need the write offs ;-)
Cash only....

Heh. My video poker play at Main Street Station on the 17th and 18th gave me nearly all the write-offs I need. The folks to my right and left were getting 4-of-a-kind scratch tickets every 15 minutes or so. I got none. Then on the 19th I played High Card Flush at Red Rock, and that got me negative for the trip. Umm... yay?