2010 Win/Loss

A good guy posted this tip last year and it works again this year (if you're interested in getting your statement sooner than later).

Go to the 2009 win/loss page on the Caesar's Entertainment site. Copy the URL. Open a new webpage and replace "2009" at the end of the URL with "2010" and BINGO! Yeah, you're down again this year!

I need it to get withholding tax back ASAP. You just may want to do it because you're bored .

Thank you! I had totally forgotten about that.

Thanks for the info.

These casino win loss reports are not acceptable win/loss proof for the IRS/government, according to numerous discussions posted on boards. So how does this report let you get "withholding back"?

Thanks Mike. I forgot about that too.........but spent a couple hours last night getting all the Win/Losses online that I could. Het/Ce MGM, Wynn I think........

A few I have to call, or go in person (how archaic) but One Win/Loss thats still Wrong, is Ven/Pal.
I contacted their Dept., and told they won't be corrected til later this month. Not sure whatthe prob is.

It has always worked for me through Refund Management in Toronto. Never had a problem. But I've never won a Megamillions!

That is not entirely true.

This is a grey area but the IRS requires a gambling log and receipts such as gas, ATM, and food. A win/loss statement from a casino is NOT enough proof to avoid problems during an audit. Again if you want to take a risk with just having a win/loss statement good luck to you!

I have read many horror stories of people being audited and the IRS asking for a log containing what casino, machine they played on, table they played on.. and so on. This is a total CYA thing to prevent a headache.

Gambling wins for out of country players means a 30% withholding on payment. I use the Win/Loss plus my 1042-S receipts and a company that does the filing to get every penny of the withholding back (minus a fee for their services).

Done it for four years, average cheque from the IRS has been around $2,200. Never had it challenged and never had to submit a log book of play.

I'm sure it's different in the States with the W-2's they issue on machine wins.

My opinion - having to pay taxes for gambling winnings, lotto winnings, etc., is just wrong. Anyone who risks their money and time trying to win should not have to give a percentage of their wins to anyone - the IRS is no different than the thug who guarantees your business will not be harmed as long as you pay the thug "protection" money. Why should the IRS share in your winnings if they are not sharing, dollar for dollar, in your losses? The IRS has no place in reaping money from anyone who gambles.

I agree! And neither does the State or local taxing jurisdictions. As I posted on a different thread:

"For people that are not aware, Ohio state income tax laws do not allow offset of reported winnings with gambling lossses. Also, local income taxes (ours are 2%) apply to ALL reportable gambling wins, regardless of where won.

This means 50 cent and up 9/6 JOB, normally a 99.54% game, now becomes, at best, a 94.57% game. And that is assuming you are living at the poverty level with no deductions. More income? Higher tax rate and lower payback."