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Question of the Day - 21 January 2013

Q:
How and what is involved in getting a win/loss statements from casinos that you play at?
Jean Scott
A:

We posed this one to "frugal gambling" maven and "Queen of Comps" Jean Scott, who has the following tips and insights to offer:

You can appear in person at the players club desk and request a win/loss statement. They might issue you one on the spot or have you sign a request and it will be mailed to you later. If you can’t appear in person, you can phone or write your request for this form, but the easiest way these days is to check the casino’s website: Many of these will take your request there with just a simple click.

Some things to remember about win/loss statements: They do not take the place of a personal "gambling diary". There is no standard form; each casino decides how much or how little information is included; and they are notoriously incomplete and/or inaccurate, so the IRS considers them only as supplementary records.

Also, these definitely should not be attached and sent with your tax return. This danger, and other issues with these statements, are discussed at length in Tax Help for Gamblers, which was fully revised and updated in 2012.

No part of this answer may be reproduced or utilized in any form or by any means, electronic or mechanical, without the written permission of the publisher.

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