technically, win/loss statements are not valid documentation of your win or loss, according to the IRS.
the IRS requires you to keep a contemporaneous diary, including details of "cash-in," machine numbers, names of those who visited the casino with you (if any) and "cash-out, among other details relating to each gambling session.
if you've gambled heavily, it's also a good idea to keep documentation to substantiate where your money came from... ATM receipts, casino marker receipts and so forth.
as for the IRS expecting you to lose... perhaps. but many of their rules are not clearly defined... and most of the folks at the IRS are clueless about gambling... it's very hard for them to understand how you can have a 10K or 20K W2-G generating event playing $5 coin and still walk away at a loss for that 'session."
--- In vpFREE@yahoogroups.com, BCarStew@... wrote:
>
> If you had your card inserted in the machine, the casinos will have a
> record of your wins and also your losses. Just call them up and they will
> mail/fax it to you. You can legally apply any losses against any wins.
>
> I believe the IRS almost "expects" you to lose. After all, they know the
> odds are with the House.
>
> a message dated 2/1/2011 5:59:16 P.M. Pacific Standard Time,
> simpsonmarvin@... writes:
>
> I am new to Video Poker but I had a good year in 2010 and received a couple
> of W-2G forms. The fellow who does my taxes told me I had to pay tax on the total as I
> have no other records.
>
> I think I am stuck for last year but I have vowed to get religion this
> year and keep some sort of diary.
