Today I am making a list of all the casinos where Brad and I played in 2007 and determining how I can get the win/loss statements for each one. Although there are player disadvantages in the consolidation of many casinos under one large umbrella company, this trend is a definite advantage at tax time. Requesting one win/loss statement from “mother” Harrah’s or MGM Mirage or Station will save you from contacting their umpteen “baby” casinos, since play at all of them will appear on the master statement. 

Another trend that is handy at tax time is that many casinos now handle the win/loss statements on their Web site. Harrah’s is easy: Sign in with your password and allow popups, and your Gaming History Statement will appear and you can print it out right then. MGM Mirage lets you make the request online and they will then send the win/loss statement to you by snail mail.

If you can’t do the whole operation online, at many casino Web sites you can at least download the request form, then submit it by fax/snail mail or in person at the players' club desk. Read carefully the rules for each casino’s procedures. For example, if you don’t appear in person at a Station casino, you must have the request notarized. 

A warning I gave in the book Tax Help for Gamblers: “Some people feel they can skip having a diary if they get win/loss statements from the casino at the end of the year. These are valuable as supporting evidence of play, but many tax-court decisions have upheld the IRS position that they don’t substitute for a gambling log.” 

Most knowledgeable tax preparers advise against sending in detailed gaming diaries with tax returns. Instead, a summary sheet can be attached if the taxpayer needs to include more details than there is room to put on the actual return. There is always the danger of giving the IRS too much information, and detailed records are best saved in case of an audit. 

However, Marissa takes one whole section in the book to discuss the danger of sharing win/loss statements that include detailed coin-in and coin-out information with the IRS at any time, even in an audit. They can be interpreted in a very negative way for the gambling taxpayer, especially by tax personnel who are not familiar with gaming circumstances. 

Joke of the Day - from the Internet: "As income tax time approaches, did you ever notice that when you put the two words 'The' and 'IRS' together, it spells 'THEIRS'?"

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