Toll Free Central Reservations (US & Canada Only) 1 (800) 780-7234. As a result, the IRS does not regulate the format or time of delivery of casino win/loss statements.įor more specific information regarding a particular casino win/loss statement, please contact the casino or a qualified tax professional. Best Western Plus Casino RoyaleCenter Strip. It is important to remember that casino win/loss statements are not “official” IRS forms like Form W-2G Certain Gambling Winnings or Form 5754 Statement by Person(s) Receiving Gambling Winnings. A 3 week stay would cost me 1300 back then. However, what many gamblers don’t realize is that casino win/loss statement can actually cause a gambler to pay more income tax.įurthermore, the “disclaimer” language which states that that information contained in the casino win/loss statement is not reliable or accurate causes both the IRS and gamblers much consternation, confusion and aggravation. Casino Royale was my place to say during the wsop back in the days.
In general, many gamblers prefer to use casino win/loss statements because they are easily obtained from the casino. As an alternative, the IRS recommends that a gambler use a gambling diary or log to record their transactions by gambling session.
Typically, such reports total the gambler’s activity by year, activity, and location.įrequently, the IRS refuses to accept a casino’s win/loss statement as evidence of a gambler’s losses. A casino win/loss statement is a report or letter from a casino that summarizes a person’s gambling activity.
