How Can I Request an Accurate Win/Loss Statement?

Now that the new year is upon us, I was wondering how to request an accurate win/loss statement. Every statement I have ever requested has always greatly overstated wins or understated losses.

Tax season is upon us once again (it seems to happen every year), so here come the questions.

The answer to this one is, simply, you can request "an accurate statement," but what you get might not be as accurate as you're asking for.

We've answered this question several times and each time, the comments have been variations on the theme of, "The win/loss statements rarely have little relationship to a gambler's detailed records.

Why is that? It's a possible combination of several reasons.

For one thing, in the case of machine play, they cover only the time you play with your players club card inserted. Many people never use a card, or use it sporadically, or pull it on occasion.

In the case of table play, a different transaction is involved. First, you have to identify yourself to a floor supervisor and ask to be rated (which many players don’t do), in order for the casino to keep any records of your wins and losses. Second, unless the casino's systems are computerized, these are only human estimates, derived from personal sporadic observation. Even in the case of computerized systems, it's often a case of GIGO: garbage in garbage out. When questionable data is fed into a computer, the information that emerges will also be questionable. Third, if you're playing the comp game, you might be purposely inflating your losses and diminishing your wins.

Furthermore, there’s no standard form for the casino to use. Some forms for machine players are quite detailed if the casino has a good computer-tracking system, giving the exact time and win/loss figure for each day of the year you played a machine with your players card at their casino. Others merely give a total yearly win/loss figure and sometimes this is only an estimate based on theoretical machine hold, rather than your actual wins or losses. Still others may give you your lifetime total, rather than just one for the past year.

And some don't count hand-pays and/or W-2G jackpots.

All this is why win/loss statements are valuable only as supporting evidence of play and many tax-court decisions over the years have upheld the IRS position that they don’t substitute for a gambling log.

For all the ins and outs of gambling and taxes, you can read Tax Help for Gamblers Fourth Edition.

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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AyeCarambaPoker Jan-06-2025

Taxes

Here in the UK we don't get taxed on gambling winnings so I find it incredulous that the US taxes them. It's an administrative burden that the IRS can't cope with and puts the onus on the player to self report and pay based on the fear of being audited

But I assume that those taxes pay for essential services like healthcare...... oh, wait, hang on!

Lucky Jan-06-2025

Profit/Loss

All of the casinos that I have rewards cards with, all provide a win/loss statement for money in and money out as long as your card was used when you played slots or at tables.  It can be sobering to see the losses.  Fortunately, this year has been profitable, thanks to a large jackpot on a slot.

Kevin Rough Jan-06-2025

Only as good as what is entered

I keep a very detailed gambling log.  One year I visited the Paris casino only once.  I played blackjack.  I bought in for $100 and doubled up to $200 in less than 10 minutes so I cashed out and took my winnings.  The win-loss statement at the end of the year said I lost $100.

Raymond Jan-06-2025

Keeping a log

It's a pain to set up and maintain a log of one's gambling results, BUT it can come in handy.  I write down my results when I'm in Las Vegas, but don't at my "back home" casinos.  

One of my few New Year's resolutions this year was to log everything, even lottery tickets  (I play the minimum per drawing, just in case...).  I figured it would be another "I held to my resolution until mid-January" deal--until I hit a handpay at video poker Saturday for over $1,900.  Now I have incentive to maintain it.

Randall Ward Jan-06-2025

win loss

at Mgm casinos my statements seem accurate. Table games now are more accurate, some tables are obsessed with tracking in and out.

VegasROX Jan-06-2025

Great tax advise

With all the INCORRECT information that folks spew in the social media forums, it would be a good idea for most of them to purchase the book on gambling and taxes. It is possible to have a net loss during the year, yet still owe taxes on wins. Most don't seem to understand what is needed, paperwork wise, in the event of an ORS audit. That win/loss, is almost worthless, in an audit, without your detailed daily loss. Don't itemize on your taxes? You are SOL on writing ANY LOSSES, BUT STILL HAVE TO REPORT WINS AND PAY TAXES ON THEM. Some states don't allow you to write off ANY losses, itemize or not, bit you are required to report ALL wins, even those wins UNDER $1200!! Lots of ins and outs, the tax book will help everyone, low roller or not. As we have often heard, ignorance of the law is NOT an excuse.

O2bnVegas Jan-06-2025

win/loss accepted in audit

I was audited once, a paper audit and the only question concerned the gambling win and loss portion.  Along with the "Dear Taxpayer" letter (which almost gave me a heart attack) was a booklet including a list of items of "supporting evidence" to send.  Personal diary (not required) was one item, but casino win/loss statements, losing horserace tickets, and many other items were included.  Others' experiences may differ, but all I had to send in were my win/loss statements. In the end my return was accepted, no changes.  

I always found it strange that a personal diary, which could be created to show more losses than actual, would be considered more valid than other items on their list. A friend gave me a stack of losing horserace tickets to send but I didn't use them, just my w/l statements.

Question of the Day - 06 January 2025

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