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Hollywood Casino Win Loss Statement Dayton Ohio

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A casino win/loss statement is a report or letter from a casino that summarizes a person’s gambling activity. Typically, such reports total the gambler’s activity by year, activity, and location.

Frequently, the IRS refuses to accept a casino’s win/loss statement as evidence of a gambler’s losses. As an alternative, the IRS recommends that a gambler use a gambling diary or log to record their transactions by gambling session.

In general, many gamblers prefer to use casino win/loss statements because they are easily obtained from the casino. However, what many gamblers don’t realize is that casino win/loss statement can actually cause a gambler to pay more income tax.

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Furthermore, 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.

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. As a result, the IRS does not regulate the format or time of delivery of casino win/loss statements.

For more specific information regarding a particular casino win/loss statement, please contact the casino or a qualified tax professional.