Casino Win/Loss Statements

I just wanted to clean up some confusion regarding casino win/loss statements as providing evidence of anything. I have filed as a professional gambler when it was to my advantage to do so, and I can tell you that casino win/loss statements are NOT considered evidence of much of anything by either the IRS or U.S. tax courts. But don't take my word for it. Here are a couple of brief, clear reviews of why casino win/loss statements aren't considered evidence of anything.



https://www.morrellawpllc.com/tax-preparation-and-resolution/why-the-us-tax-court-hates-casino-win-loss-statements/
https://www.morrellawpllc.com/tax-preparation-and-resolution/why-the-irs-hates-casino-win-loss-statements/

Please look further in google-land, as there is a bevy of information regarding casino win/loss statements and their vulnerability to manipulation. Anyone trotting out win/loss statements, as opposed to tax returns, as evidence of anything is, at best, misinformed and, at worst, flimflamming.

Quote: redietz

Anyone trotting out win/loss statements, as opposed to tax returns, as evidence of anything is, at best, misinformed and, at worst, flimflamming.

I haven't trotted out my win/loss statements as evidence of anything, but I have always found them to be 100% accurate when cross-referenced with my gambling log.

I'm certain that I'm not misinformed in that regard.

Additionally, I've heard and read testimony from other gamblers that their win/loss statements have never been rejected by their accountant and/or the IRS to mitigate reported gambling winnings via W2Gs.

You have repeatedly implied that someone would present win/loss statements as evidence of winning more than they have actually won, rather than presenting them as evidence that mitigate winnings.

That's preposterous...you're tilting at windmills.

Great articles for gamblers. When it comes to the IRS, they do not care one bit about casino won loss statements. Rightfully so. The tax issue for gamblers gets discussed so much here it might be easy to think this is widely known. I'm not sure that is true. It would be extremely easy to deceive most any casino player tracking system.

I'm watching a guy on YouTube playing Video Poker at the $100 denomination and he has to enter a PIN number for the hand pay every time he hits 3 of a kind or better, and he's on a losing streak of going on $20K in less than 50 minutes. So do you just film your video poker play to document your losses? Seems he has some $10,000 vouchers in his pocket or something.