Win/Loss Statements
 

I had some pretty good luck with Video poker on 4 trips to LV in 2004, and have a couple of W2-G's to file with my income taxes.

I asked the Venetian to send my a win/loss statement, so I could document some losses to offset the big wins.

Much to my surprise, the statements showed I won even more money than what was documented on the W2-G's.

I would think that these statements would be accurate to the penny (based on slot/Video Poker play -- I rarely if ever play the tables -- I even do Blackjack on the video machine). Yet, my gut tells me the casino is off by about $3000. But, I don't have any other records to go by.

Has anyone been able to verify that these statements are normally correct?

The statements are normally quite incorrect, although the Venetian is better than most. However, the IRS requires a diary of gambling sessions and accepts win/loss statements only as corroborating evidence.

QL

Thanks... I guess I'll just pay taxes on what is on the W2-G's, since I didn't keep good records on losses (at the start of the year, I never guessed I would win enough that taxes would be an issue!).

Supposedly they want a detailed diary, to boot. Dates, times, machine serial numbers, all kinds of crap.

Can you "write off" your expenses against your winnings (e.g. travel, hotel, etc.)?

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Can only deduct your losses up to your winnings if you itemize, unless you file as a professional gambler.



Can you "write off" your expenses against your winnings (e.g. travel, hotel, etc.)?[/QUOTE]

Yeah, never thought about doing that. That was before I had 2 Royal Flushes in one morning (my wife had one the evening before).

I really didn't have many expenses beside plane tickets. The Venetian comped rooms and meals for the last 3 trips. I think only losses are deductable, but I don't have any evidence of losses that the IRS will accept (just suspicious evidence of even further winnings!).

This year, I'll keep a diary.

Wow! These things really do come in threes.

Okay, they want evidence, but how pushy are they about this stuff? Any history out there?

Also, do most casinos readily give you this information? At least having the dates to refresh my memory about when I lost money would be good. (we can drive to casinos)

The IRS wants a hand writted log.....Check into this book:

http://frugalgambler.biz/books/tax_help.htm

From winnings that require W-2Gs, I set aside one-third for taxes which I tuck away in the safe deposit box. When I return home, I deposit the funds into a special reserve account for taxes. I don't bother with win/loss statements because I don't trust their accuracy. I play with window markers everytime I go to Vegas. At the end of the year, I turn over the W-2G forms, marker statements, and cancelled checks to my accountant. If I have any taxable net winnings, I dip into the reserve account and pay the tax.