A casino win/loss statement is a report or letter from a casino that summarizes a person’s gambling activity. Typically, such reports total the gambler’s activity by year, activity, and location.
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Frequently, the IRS refuses to accept a casino’s win/loss statement as evidence of a gambler’s losses. As an alternative, the IRS recommends that a gambler use a gambling diary or log to record their transactions by gambling session.
In general, many gamblers prefer to use casino win/loss statements because they are easily obtained from the casino. However, what many gamblers don’t realize is that casino win/loss statement can actually cause a gambler to pay more income tax.
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Furthermore, the “disclaimer” language which states that that information contained in the casino win/loss statement is not reliable or accurate causes both the IRS and gamblers much consternation, confusion and aggravation.
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It is important to remember that casino win/loss statements are not “official” IRS forms like Form W-2G Certain Gambling Winnings or Form 5754 Statement by Person(s) Receiving Gambling Winnings. As a result, the IRS does not regulate the format or time of delivery of casino win/loss statements.
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For more specific information regarding a particular casino win/loss statement, please contact the casino or a qualified tax professional.
Many gamblers and tax professionals want to know when casinos send out their win/loss statements. The short answer is “it depends.”
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First of all, it is important to realize that the Internal Revenue Service (IRS) has no authority to regulate the format, production or timing of casino win/loss statements.
Second, casino win/loss statements are provided as a courtesy by casinos to gamblers and every casino has its own way of doing things.
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What this means is that the casinos do not have a set deadline for the production or availability of win/loss statements. Nor is there a governmental or industry-standard format with minimum reporting requirements for the win/loss statements.
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The identity verification requirements also vary from casino to casino. Some casinos require that casino win/loss statements be requested in person. Other casinos allow telephonic requests once certain confidential information has been verified. Still other casinos require certain documents be faxed to them. Of course, a few industry-leading casinos allow their win/loss statements to be downloaded once a gambler login to his or her Player’s Card account.