Casino Win Loss Statement Irs
REQUEST FORM
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. The Win/Loss (Tax) Statement you will receive from your casino merely provides an unverified estimate of your slot and table game win/loss that you can use to compare to your own records and is not a substitute for the records you are required to keep under applicable State and Federal tax laws.
- In order to receive a Win/Loss Statement, please make sure to: Complete a Win/Loss Statement request form, have it notarized, and email it to CasinoCredit@RCCL.com.
- For information on your tax record keeping obligations, contact a reputable tax professional or go to www.irs.gov and use the search term 'gambling losses.' You certify that you are the M life Rewards Program member in whose name this M life account is set-up, and you acknowledge and agree that you are authorized to access this M life account.
To our guests who have requested new copies of their tax documents, including W2G forms, 1099 copies or detail, 1042S and Win/Loss Statements. Be advised that, due to the current health crisis regarding the COVID 19 Virus, we are not able to access our computer systems from off site. Fortunately, the US Government has granted a 90-day extension for the filing of 2019 taxes. Please consult your tax professional for specifics as it relates to you, additionally, we will be providing copies of official tax forms that are required information for filing first, to facilitate tax flings. Please continue to email your requests and we will respond as soon as we can safely have our staff return and work on the requests. Thank you for understanding. We are all in this together and your safety as well as the safety of Soboba Team members is our number one priority.
Email: Title31@soboba.net.
Dear Guest,
You may print the form, and send via US Mail or print and fax the form to 951-665-1303 or
scan and email to the following email address: T31Compliance@soboba.net
Form must be signed to be valid.
Please click here to download/print WIN/LOSS Request Form.
Thank you.
Soboba Casino Resort Staff
For more details, please feel free to contact us, Toll Free: 1-866-476-2622 or click here now, to fill out our contact form.
You can also email us at: T31Compliance@soboba.net Thank you for playing at Soboba Casino Resort!
The IRS hates casino win/loss statements for two main reasons – one legal and the other practical.
First of all, the IRS has the proper legal authority to disallow the usage of most casino win/loss statements. The Courts and the IRS have interpreted Section 165(d) of the Internal Revenue Code in such a way that gambling activities cannot be reported in a summary fashion. Instead the IRS prefers, yes insists, that gamblers keep a gambling diary (See Revenue Procedure 77-29) and report their activity by “gambling session” (See IRS Chief Counsel Advice Memorandum 2008-011 for more information).
For example, if a gambler has a $10,000 winning gambling session followed by a losing gambling session of $9,900, the gambler is not allowed to merely report the difference of $100. Instead, the gambler must report the $10,000 as other income, and if the gambler itemizes his deductions, then the loss of $9,900 is included as an other miscellaneous deduction not subject to the two percent limitation.
The take away – IRC Section 165(d) is focused on “transactions” and not “totals.”
The second reason is indeed more practical. How can the IRS verify that the amounts reported in a casino win/loss statement? Or more likely, how can the gambler during an audit prove the amounts stated in the casino win/loss statements? Not very easily.
Casino Win Loss Statement Irs
It is important to understand the source of the amounts used on casino win/loss statements. For slot machine players, the amounts are recorded when a gambler uses a Player’s Card. For table games such as poker and black jack, the amounts are frequently estimated by a “pit boss” while observing the gambler on the casino floor.
For slot machine players these methods, naturally lead to three common questions:
- Can the gambler prove that he used the Player’s Card every time he gambled?
- Can the gambler prove that he only played one slot machine at a time?
- Can the gambler prove that he was the only one that used the Player’s Card?
For question #1, it is difficult to convince an IRS auditor or a judge that someone not able to keep proper records in the first place was able to remember to use their Player’s Card every time they gambled.
Casino Win Loss Statement Irs
Question #2 is a fair question. It is common technique for slot machine players to simultaneously play adjacent machines. Unfortunately, it is not possible to insert a Player’s Card into more than one machine at a time.
Regarding question #3, it is important to note that casinos strongly discourage gamblers from sharing their Player’s Card – but it is not uncommon or impossible. The IRS faced a similar situation in the case of Pan v. Commissioner of Internal Revenue, T.C. Memo. 2011-40, (U.S. Tax Ct. 2011). For the tax year in question, the casino reported several Form W-2G’s in Mr. Pan’s name to the IRS. During the audit, the IRS included these additional amounts in Mr. Pan’s income. Eventually, Mr. Pan was able to provide his passport to the IRS and demonstrate to their satisfaction that he was indeed out of the country when some of the W-2G’s were generated. But the question remains. If, if someone is able to “forge” another person’s identity when they receive a hand-paid jackpot, how hard is it to “borrow” another gambler’s Player’s Card?
Casino Win Loss Statement Irs Form
If that was not reason enough, almost all the casino win/loss statements have some type of “disclaimer” language discouraging their use as reliable accounting records.
For these reasons and more, it is not surprising that the IRS HATES casino win/loss statements.