How Does a Win/loss Statement From a Casino Work?
A win/loss statement is an accounting provided by a single casino that states the player's wins and losses while gambling there, according to Trib Total Media. The casino ties the win/loss statement to guests' players cards, so they are sometimes inaccurate. Many casinos allow guests to log in to the casino website to view their win/loss statements, notes Total Rewards.
Gamblers use win/loss statements as a way to keep track of their net win or loss for the year, for tax purposes, states Trib Total Media. Even casual gamblers can deduct their losses from their wins when they submit their federal tax returns. Federal tax returns do not allow taxpayers to claim a net loss when filing their federal tax returns, and state tax laws differ on reporting gambling income. As of 2015, casinos report to the IRS on a Form W-2G any wins that meet or exceed $1,500 playing slot machines, $1,200 playing keno and $5,000 playing poker.
The Internal Revenue Service does not require taxpayers to submit their win/loss statements when they file taxes, notes Trib Total Media. However, if they intend to claim their losses to offset the tax on their winnings, they must have an accurate log to substantiate their math. For gamblers who want to keep their own logs, the logs should state the date, time, casino name, machine or game played, the length of time spent gambling, and the net loss or win for the session.