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🤑 Win/Loss Statement - Seneca Niagara Resort & Casino


Best Answer: Just a guess - they subtract the amount they lost from the amount they won and then they know the total of what they won.
Can I use a casino win/loss statement,to show my losses? Absolutely, just make sure it includes all wins and losses separately and is not a combined number. You should show your gambling winnings as income and then your gambling losses as an itemized deduction, if you qualify.
The Win / Loss numbers, collectively, include amounts reported on W-2Gs; I add the total wins up and then the total losses. So far the reported win has not exceeded the yearly loss. W/Ls seem a reasonably defensible way to calculate your wins and losses, short of logging every bet at every machine and table game as the IRS might prefer. It's Real World info.

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Recommended Answer. Absolutely, just make sure it includes all wins and losses separately and is not a combined number. You should show your gambling winnings as income and then your gambling losses as an itemized deduction, if you qualify. If you itemize instead of taking the standard deduction, you can deduct gambling losses up to the amount...
A: Quick Answer. 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.
Now, the reason the IRS does not want win/loss statements as primary evidence is because people sometimes don't use their players cards and, on rare occasions, play doesn't get recorded in slot club databases. The IRS, however, does accept the win/loss statement to back up your personal diary.
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Win/Loss Statement - Seneca Niagara Resort & Casino How are casino win loss statements calculated


Best Answer: Just a guess - they subtract the amount they lost from the amount they won and then they know the total of what they won.
Do you provide Win/Loss Statements? Yes we do. Please fill out the Win/Loss Statement form located at This will be the only way to request this information – no telephone or email requests will be accepted. I have further questions about the casino, who can I contact? For further inquiries please visit.
Home » Casino » Win/Loss. Win/Loss To request your 2018 Win Loss statement, please fill out the form below. All statements will be mailed to the address that we have on file. Requests will be processed after January 10, 2018. We will be diligent in our efforts to send out statements, but allow 2 weeks for processing.

starburst-pokieWin / Loss statements - General Discussion - Off-Topic - Page 1 - Forums - Wizard of Vegas How are casino win loss statements calculated

Establishing Basis for Gambling Losses How are casino win loss statements calculated

I asked the casino for a win/loss statement. It shows coin in $9223, coin out $7687 for year which left ($1,539) When I had my taxes filed it has $7,781 as income, then shows same amount as Itemized Deduction. This $7,781 is listed as income and I had to pay taxes on it as other income. No sure where this amount coms from?
MYTH #3: I can use a win/loss statement from the Casino to prove my gambling losses. TRUTH: Wrong! The IRS consistently disallows such win/loss statements from Casinos since they frequently report the amount of wins or losses as a “net” amount. (Remember, wins are reported on Page 1 of IRS Form 1040 and losses are reported on IRS Schedule A.)
777 Casino Way Oxford, Maine 04270 Completed forms may also be dropped off by the requestor at the Guest Service Center (Cashier Cage) at Oxford Casino. WIN/LOSS statements will be processed beginning the third week of January following the requested year. Please allow up to two business weeks for delivery.

How are casino win loss statements calculatedcasinobonus

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Taxpayer-gamblers are not generally aware of the ease with which the IRS successfully counters attempts to offset gambling winnings with gambling losses.
Often, gamblers are not concerned about the exact amount of gambling winnings they report, because they believe they have sufficient gambling losses to offset their winnings.
The central issue raised by the Service on audit is not always the right to a deduction for gambling losses—allowed by Sec.
The Problem of Gambling Losses A common scenario involves a taxpayer, as in Norgaard, who reports gambling winnings because a Form W-2G, Certain Gambling Winnings, was issued.
The fatal step is that the taxpayer dutifully reports the W-2G winnings, but fails to report any other winnings, however small.
The IRS, on examination, questions the gambler about the possibility of any other winnings during the period.
The Tax Court has accepted this position when the taxpayer failed to report gambling income in excess of W-2G winnings.
The taxpayer must establish that claimed gambling losses exceed unreported gambling income, to be entitled to a deduction.
This procedure requires taxpayer-gamblers to maintain an accurate diary or similar record, supplemented by verifiable documentation of wagering winnings and losses.
The diary must contain the following information: 1.
Date and type of specific wager or wagering activity; 2.
Name and address or location of gambling establishment; 3.
Name s of other person s if any present with the taxpayer at the gambling establishment; and 4.
Amounts won or lost.
For slot machines, the Service further requires that a taxpayer record all winnings by date, time and slot machine number see.
But because few taxpayers especially recreational gamblers maintain convincing records of their gambling activities, they can be left paying tax on their gross W-2G winnings, without any offset for gambling losses.
Unreported W-2G winnings can also result in the imposition of penalties and interest.
The court rejected the additional-income argument and allowed the loss deduction.
A Growing Problem What is the potential magnitude of this problem?
Should practitioners and their clients be concerned?
Part of the answer lies in the growing number of people participating in gambling.
In 2000, the U.
General Accounting Office reported that legalized gambling had spread to every state, except Utah and Hawaii.
Legalized gambling in the U.
In addition, for 2004 the most recent data available1.
This is up from the 1.
An estimated 86% of Americans have participated in gambling in some form, and 63% reported gambling at least once in the past year.
The number of individuals visiting casinos in 2003 was 53 million—more than one quarter of the U.
Tax advisers should assume the same percentages apply to their clients, as gambling cuts across demographic and regional boundaries.
As with other areas requiring recordkeeping such as automobile mileage and entertainmentclients must be informed of the legal requirements for reporting gambling winnings, even if they erroneously believe they have no reportable winnings or they have sufficient gambling losses to offset them.
It is crucial to determine gross gambling winnings and to separately establish the amount and basis for deducting gambling losses.
As noted, the IRS wields a powerful how are casino win loss statements calculated in its arsenal; taxpayers and their advisers need to be educated.
Educating Clients Education covers two fronts.
First, which types or amounts of gambling winnings must be reported?
Gross gambling income is reported on page one of Form 1040, while gambling losses are a miscellaneous itemized deduction not subject to the 2%-of-adjusted-gross-income AGI limit.
Taxpayers often believe their winnings are immune from reporting unless they receive a Form W-2G.
Once the need to report gambling, like any other form of income, is established and the corresponding requirement to segregate as opposed to netting winnings and losses is acknowledged, the next step is establishing a basis for gambling losses.
As most taxpayers do not keep sophisticated books and records of their gambling activity, the tax preparer is in a potentially perilous position when advising a client on documentation requirements for establishing gambling losses.
The IRS and the courts, for example, view the documentation required for gambling no differently from that for employee business expenses, charitable donations, casualty losses and medical expenses.
In Schooler, the court stated that there is no reason to treat taxpayers who claim deductions for wagering losses more favorably than other taxpayers by allowing a deduction for wagering losses when the evidence is inadequate.
Calculating Gambling Income Sec.
Gambling winnings are defined in Sec.
Literally construed, this means that each pull of the lever or push of the button on a slot machine, hand of blackjack or spin of a roulette wheel is an individual wager that may result in gambling winnings.
This seems to be a factual issue which how are casino win loss statements calculated in accordance with the nature of the click at this page />If the wagers are not identical, there is more than one wagering transaction.
Further, according to the Service, each bet on a different possible winning combination is a separate wagering transaction for purposes of determining taxable income.
It is apparent from this that, because each bet on a slot machine is a bet on a different set of contingencies programmed for the machine, each push of the button is a different gambling transaction.
The key to resolving this issue may reside in application of the constructive-receipt doctrine.
Constructive Receipt Because individuals usually report their income on a cash basis, the constructive-receipt doctrine applies to their gambling transactions, as well as to other accessions to wealth.
Constructive receipt means that income occurs when the taxpayer has the opportunity, whether exercised or not, to draw on the cash freely.
The crux of constructive receipt is essentially unfettered taxpayer control over the time funds are actually received; control is not subject to any substantial limit or restriction.
In this respect, gambling is analogous to earning interest on a savings account, but not actually retrieving it.
The interest or the gambling transaction winning is taxable when available for withdrawal; whether one chooses to remove the cash at that point or leave it on account in the slot machine or on the blackjack table is irrelevant to its taxability.
Based on this reasoning, each winning or losing wager should constitute a gambling transaction, because a gambler could stop betting after any given wager.
Reporting the outcome of each wager results in reporting gambling winnings at gross—as the law requires—and in an objectively determinable manner although cumbersome, because of the recordkeeping.
Taxpayer-gamblers who frequent casinos will often have this report available in their tax records.
If he or she played at more than one casino, was a card used at each?
Was the card employed at each machine?
Did anyone else use the card?
If the slot player cashes out the same amount he or she originally placed in the machine i.
The columns are calculated as described inwhich includes comparing amounts wagered to winnings and cash at the outset with cash at the end.
Taxpayer-gamblers are sometimes shocked by the numbers presented in the report in relation to their memories of actual amounts wagered.
In this example, the amounts originally deposited in the slot machine plus the amounts wagered exceed the amounts won plus dollars cashed out.
Reporting Losses The fact that a taxpayer incurred a net loss for a year does not relieve him or her of the obligation to report winnings.
This is how the problem of demonstrating a basis for losses arises, because the losses on the report are linked to income that may how are casino win loss statements calculated unreported.
The process of establishing gross winnings requires the taxpayer to prove the amount originally wagered, as well as the funds remaining at the end of a gambling session.
The IRS lists bank records as one means of corroborating amounts gambled; thus, taxpayers can accomplish this by making automated teller machine ATM withdrawals at the casino and retaining these records.
The taxpayer testified that he visited the Ho-Chunk Casino in Baraboo, WI on 88 days during the year.
Establishing Basis for Losses As was noted, a taxpayer who fails to report his or her gambling winnings in full, then loses some or all of these winnings, has no basis in the losses and, thus, nothing to deduct.
In Mack, the taxpayer admitted he won other wagers during the tax year, but testified he sustained corresponding offsetting losses that were not included in the amount deducted as a loss.
The court noted that the taxpayer had the burden of showing that the funds used for making wagers were either on hand at the beginning of the year, or were acquired during the year from nonwagering sources.
It concluded that he failed to make this showing.
Failure to recognize winnings means that if those winnings are re-bet and lost, the taxpayer has no basis in those losses, and, thus, nothing to deduct.
In Kikalos, the court stated that taxpayers must maintain accounting records of gambling activities that enable them to file accurate returns.
In Rodriguez, the taxpayer argued that accurate records of gambling losses and winnings are difficult to maintain.
Implicitly, according to the court, this requires the taxpayer to prove both the amount of his losses and the amount of his winnings.
All taxpayers, it held, are required to substantiate their deductions under Sec.
Although the court acknowledged the taxpayer most likely had some gambling losses during the year, it was unable to determine either with specificity or by estimation those losses on the evidence presented.
In Mack, the court accepted as evidence of gambling losses 15 checks payable to the Detroit Race Course.
In his testimony, the taxpayer admitted that it was unusual for bettors to cash checks at racetracks, but explained that they had been accepted by a course official who was a long-time friend.
Likewise, a condensed record made contemporaneously during the year, but unsupported by records of original entry, is also insufficient.
The taxpayer claimed that his records of original entry, recording his gambling activities, were scratch paper notations prepared daily, based on increases and decreases in his bankroll, and a notebook prepared at the end of the year from these notations.
He kept these various slips of paper in his pocket until he returned home where he placed them in a drawer and retained them until the end of the year.
He afterwards destroyed the various pieces of paper.
The court found this method of recordkeeping inadequate to establish gambling losses and their basis.
Because the original records had been destroyed, the veracity of the notebooks could not be verified.
Had he retained the records of original entry, each dated and including pertinent identifying detail e.
The Cohan Doctrine Cohan is often cited by the courts in the context of gambling losses.
In Zielonka, in which a court disallowed the deduction of gambling losses, it stated that, if the trial how are casino win loss statements calculated provides evidence that a taxpayer actually incurred a deductible expense, but the evidence is inadequate to substantiate the amount of the deduction to which the taxpayer is entitled, the court may estimate the expense and allow that amount as deductible the allowance of an estimate is known as the Cohan doctrine.
In such cases, the court can only estimate the deduction if provided with some basis to make the estimate.
In Drews, the court applied the Cohan doctrine and found the taxpayer sustained net gambling losses.
Gambling losses were allowed, but in an amount less than claimed by the taxpayer.
The court reasoned that if the taxpayer had winnings in those amounts, most of them must have been used to finance additional gambling, most of which resulted in losses.
A better strategy is to maintain adequate, detailed, contemporaneous records of winnings and losses.
Corroborating evidence is essential in establishing basis for gambling losses.
The Service and the courts look at lifestyle, large cash purchases, levels and use of debt, credibility of testimony and bank and credit card records.
In using this documentation, the taxpayer must also track the amount used for gambling original cash supplied, not current winnings and the amount cashed out of slot machines and retained.
Many recreational gamblers establish a loss limit before an excursion to the casino; when that money is gone, they stop gambling.
If this is the case, the use of in-out reports to establish the basis of losses and gross winnings is made easier.
Because these gamblers keep wagering until their pre-established loss limit is met, only the beginning cash balance for each casino visit must be demonstrated.
The result is a credible third-party record of gross winnings or losses.
A tax adviser is faced with educating clients as to the requirement to report winnings separately from losses and to report gross winnings which include house money won and subsequently lost.
Clients must also be informed that they have the burden of proving that the funds used for making wagers were either on hand at the start of the year or their acquisition during the year was from nonwagering sources.
This burden is a difficult hurdle, especially in the context of an tempting are they building a casino in atlanta ga sorry generally engaged in for pleasure and diversion.
Maintaining clear, contemporaneous records of both winnings and losses is the only trustworthy defense a taxpayer even a recreational gambler can produce that will prove effective against a Service challenge to gambling loss deductions.
For more how are casino win loss statements calculated, contact Dr.
Schooler, 68 TC how are casino win loss statements calculated 1977 ; and Clifford F.
Tax Court Rule 142 a ; Welch v.
Helvering, 290 US 111 1933.
Mack, note 2 supra.
The Service may have been able to reconstruct the amount based on large asset purchases mentioned in the case.
Kalisch, note 2 supra.
General Accounting Office, Impact of Gambling: Economic Effects More Measurable Than Social Effects Washington, DC, 2000available at.
Garrett, Casino Gambling in America and Its Economic Impacts Federal Reserve Bank of St.
See Indian Gaming, note 10 supra.
Hamilton, TC Memo 2004-161.
Taxpayers may assume that if the net result of a casino session is a loss, no winnings need to be reported.
However, in the process of losing, it is unlikely that there were no winning transactions.
That a taxpayer chooses to bet the winnings rather than cash them out is not determinative of their taxability.
Schooler, note 2 supra.
In the case of a husband and wife making a joint return for the taxable year, the combined losses of the spouses from wagering transactions shall be allowed to the extent of the combined gains of the spouses from wagering transactions.
See Lutz, note 5 supra.
However, gamblers must request this document from a casino; it will not be sent automatically.
If the taxpayer-gambler is a frequent casino player and the separately paid jackpots are added back to amounts cashed out, it may be possible to use the average slot machine payout rate e.
To date, however, there is no authority for this position in court cases or IRS rulings.
This issue can be confusing to the courts as well.
If a gambler constantly plows winnings back into gambling, producing losses and more winnings, the cumulative winnings cannot be used as a measure of wealth.
The winnings may be great, but the losses may be and often are equal in proportion.
This is why it is important to look at issues of lifestyle and asset acquisition which the court did.
Eldron Erbs, TC Summ.
Erbs reported his gambling income and losses on Schedule C, claiming he was a professional gambler which the court denied.
Items based on AGI, such as the taxability of Social Security which was otherwise nontaxable to Erbsthe medical expense deduction, IRA deductions, itemized deductions, personal exemptions and various credits, would all be correspondingly affected.
In addition, the statute of limitations increases from three to six years if unreported grossed-up gambling winnings constitute 25% of the gross income originally reported on the return; see Sec.
Finally, 11 of the states that impose an individual income tax do not allow a deduction for gambling losses.
To date, there is little evidence that taxpayers make extensive use of these year-end reports in filing returns.
In Remos, TC Summ.
The net would be the same, but AGI would decrease.
Juan Rodriguez, TC Memo 2001-36.
Green, 66 TC 538 1976.
See also James P.
McKenna, 1 BTA 326 1925 ; George Winkler, 230 F2d 766 1st Cir.
Cohan, 39 F2d 540 2d Cir.
John David Zielonka, TC Memo 1997-81.
Herman Drews, 25 TC 1354 1956.
Doffin, TC Memo 1991-114.
Other cases in which the court applied the Cohan doctrine to estimate gambling losses include Green, note 38 supra gambling partnership ; and Kalisch, note 2 supra horserace wagering.
Skirscak, TC Memo 1980-129.
See Mack, note 2 supra.
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Reporting Gambling Winnings and Losses

Las Vegas Casino Win Loss Statement | How are casino win loss statements calculated

Las Vegas Casino Win Loss Statement | How are casino win loss statements calculated

A Las Vegas Casino Win/Loss statement is an estimate of what an individual casino customer won or lost during a calendar year based on the player tracking information. As far as tax documents go, a win/loss statement is one of the most important communications you had with the casinos you frequent and a very important document your tax.
The Win / Loss numbers, collectively, include amounts reported on W-2Gs; I add the total wins up and then the total losses. So far the reported win has not exceeded the yearly loss. W/Ls seem a reasonably defensible way to calculate your wins and losses, short of logging every bet at every machine and table game as the IRS might prefer. It's Real World info.
I know about the winnings, I'm interested in the offset losses, so was wondering if the statement you can request from the casino (NOT the tax form I was handed when I won the other day) ALSO keep track of the money I put through the machines in all my trips this year (including MGM where we lost 4 days straight, and used their players card) that were actually losses.


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