<<This is why the IRS wants you to do a contemporary gaming diary as you're playing, and that is considered to be more reliable than win- loss statements. By the way do not mail copies of your win loss statements with your returns. This confuses the IRS. Only save them as backups to be used in the event of an audit and plan to show your gaming Diary as the primary proof of your wins and losses along with W2G statements. The win loss statement is only additional proof not the main proof.>>
We don't gather up our win-loss statements anymore. You only need them in case of an audit – and perhaps not even then if you have a good gambling diary. If you ever do need them in the future, you can get them at that time. So don't stress if you can't get some of them - or if they are not accurate – they almost NEVER are!!!!
From Tax Help for Gamblers, which has a whole section on win-loss statements: The biggest problem with casino win/loss statements is all of the disclaimer language that they put at the bottom of the statements. In a Tax Court Memorandum, Mayer v. Commissioner (2000), the court gave no probative value to the win/loss statements that the taxpayer produced, because of the disclaimer at the bottom...The IRS will consider it supporting evidence only. The win/loss statements themselves will usually not get you through an audit...However, there's a real danger I must warn you about in using casino win/loss statements, particularly those that give coin-in and coin-out figures. They can end up biting you in the butt. On the one hand, they can get a taxpayer off the hook for not having good records, but then it creates other problems. Right now, there is a general trend within the IRS to accept these statements, but then they use your gross coin-out as your win figure, a much bigger one than your session total win would be if you kept good records.
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Jean $¢ott, Frugal Gambler
http://queenofcomps.com/
You can read my blog at
http://jscott.lvablog.com/
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Posted by: "Queen of Comps" <queenofcomps@cox.net>
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