Monthly Win Loss Statements Online MGM

Candy, you don't understand. Even if those very very detailed casino statements tell you everything, including what you had for lunch that day, they aren't proof of YOUR OVERALL GAMBLING RESULTS. And that's what the IRS wants to know. That's what you put on Line Whatever on your 1040 (only if the net is positive).

And I'm sorry to say, but any table win/loss statement is pure fiction. Do they always record every single hand you play, keep track of how much you bought in for and how much you cashed out? Or course not. What if you simply picked up your chips and left? What if you put some black chips in your pocket first, so that whoever estimates your cashout amount doesn't count them, so that it looks like you lost more than you did?

The casino will TRY to estimate your table game results IF and WHEN they know how much you bought in for and how much you cashed out. But what if you just walked up with a stack of chips and started playing? Are you instantly noted by the pit boss? Does the dealer count your chips before dealing you in? No.

That's why the IRS doesn't pay much attention to table game result reports. For one thing, players who are trying to look like losers (to earn comps, or to counterbalance an earlier big win) will "rathole" chips and in many other ways, try to make it look like they've lost more than they actually have. If, say, you have a $20,000 slot win and then try to offset it with a big table game "loss" (as opposed to a loss), the IRS won't necessarily believe you even if your reported results are supported by win/loss statements.

Again, you're only reporting your AGGREGATE wins and losses FOR THE ENTIRE YEAR, so what happened on Tuesday, August 12 is pretty much irrelevant. The IRS doesn't assume that the reports you submit are the entire picture. Why would they?

I'm sorry but your first sentence is demonstrably false. I have seen several win-loss statements issued for table games from various casinos. 

Generally if you give the dealer or pit boss your players card to be tracked then they will issue a win loss statement. If you don't give them your players card then they probably won't. 

Why wouldn't it be useful for tax return purposes? If one add up all their win-loss statements from the various casinos at which they have gambled they could calculate the net loss/gain for the year. Then add things like lottery tickets or whatever. 

The IRS will generally accept win loss statements as evidence in an audit. 

Very True-  I had a $425 loss on my win-loss statement from the Westgate, which I needed for tax purposes since I showed a profit in 2025. 

Could very well be that the casinos that Kevin frequents when in Vegas don't track table game win-loss on their statements.  

I meant overall, not for a single session. To determine tax liability, a single-session win/loss is less than useless and therefore pointless. The only thing the IRS cares about is your overall gambling win for the entire year, not how you did on Friday, July 30.

Any casino that issued an overall table game win/loss statement would be guessing. How would they know how you've done overall? Not all of your action is tracked. They don't carefully scrutinize how much in chips or cash you've brought to the table, nor do they estimate your losses when you leave. The only thing they do is estimate your bet size and then multiply that by table time to determine the action you're giving them. That's all they care about--not whether you win or lose.

Why isn't it useful for tax purposes? Because the IRS is well aware that even a giant pile of such statements is NOT proof that there were no other wins and losses. The action reported is not necessarily all of the action that took place. What if you had big table game wins that were NOT recorded or reported? Then you submit this pile of single-session win/loss statements to "prove" that you lost big time for the year.

The IRS will in fact take your numbers that you report at face value, because they have no way of actually calculating your overall gambling action and monetary results. Just because you have those reports doesn't mean you didn't gamble elsewhere and that wasn't reported. So you can bring your reports to an audit if you like, but they'll do nothing to support the bottom line win or loss you reported. It'll come down to the agent's subjective evaluation of whether you had wins you didn't report.

They don't provide a series of win/loss statements, one for each day/session you gamble; nor do they provide a yearly table game win/loss summary, the way they do for tracked slot/VP action. The reason is, they can't really track your table game results unless when you arrive at the table, they carefully count your chips and record the amount, keep track of any buyins you make, and count your chips again when you cash out. Have you ever seen them do that? And even if they did do something like that...what if you just grabbed your chips and left? How would they know what your win or loss was for that session? They're not about to review the surveillance footage. And did they track you every single time you played? How would they even know?

For the above reasons, a "session" win/loss is a useless piece of paper. For tax purposes, it doesn't prove jack diddly re the player's results for the year. 

I do realize that the IRS will be more favorably inclined to believe your reported overall win/loss if you shower them with paper. But "proof"? Naah. How could you prove that the gambling represented by your pile of paper was ALL the gambling you did? You can't! And they can't prove it, either! So all those reports--they're basically useful as window dressing. They make it look like you're not concealing anything.

Again, I think people aren't realizing is that the only thing the IRS cares about is how you did overall, not how you did in one session or at one casino.

All they did for me was take my hundos, give me some chips, ply me with some hootch, take my money and send me on my way.  The $25 I lost was a match play.   So for me, it was easy to track. 

I can't speak to how accurate they are but I'm just saying I have seen several documents that the casino calls a win-loss statement for table games.

My guess would be that the accuracy varies greatly on many things, among them whether or not you give them your players card when you start your play.

Of course a session win loss statement generally doesn't mean anything for tax purposes.

 The annual ones can be very useful for tax purposes. If a player lost or didn't keep track of records it could provide a good estimate on their profit or loss for each casino. And if necessary it could be used as evidence in an audit or other investigation. 

It doesn't necessarily provide "proof", but either does a personal log book. However it absolutely can be used as evidence. When being audited you don't provide proof you provide evidence. 

I'll surmise that Kevin has never been audited, as I have.  The IRS accepted my W/L stmt as evidence.

Anyone can look up their own for this year.

Remember to click on "Game" in the drop down box.  You get table figures and machine figures on the same spread sheet, hour by hour, minute by minute, dollars won and lost down to the penny. 

BTW, I was a loser on this three day trip, to the tune of $1,216.94.  I wouldn't know that, except for this record.  

Hey, free flight, 3 nights, $350 Free Play, $300 food comps ( the "free" always said using air quotes, LOL).   

My food comps covered six breakfast buffets (myself and two friends celebrating their 50th), three dinners in the cafe (myself and the two again), and my Teppanyaki dinner the last night (great food and fun).  Not so bad a trip.

Candy

Not bad at all, Candy.   And as long as you had a great time, that's all that really matters.  Be well. 

With the comp values considered, that's a pretty good trip Candy.