Casino Arizona Win/loss Statement
2021年10月8日Register here: http://gg.gg/w5r61
It’s that time of the year again.. TAX TIME and if you don’t already know, gambling winnings are taxable income. Hope you kept a logbook of your play throughout the year. Whether you won or lost money last year, keeping a proper record of your wins and losses is very important if you plan to keep more of your winnings at the end of the year.
Assuming you had a lucky day last year and hit a jackpot of $40,000. Before the casino hands over the money, they will make you fill out a W2-G form which lists your name, address and Social Security Number.
The reason you are required to fill out a W2-G form is that the Internal Revenue Service (IRS) requires casinos to report on a W2-G form all players’ jackpots of $1,200 and above. In your case, your $40,000 jackpot becomes taxable income. Don’t panic yet. Assuming throughout last year you lost $100 here and there for a total loss of $12,000. As long as you kept a proper log of your wins and losses, you will have gambling losses to deduct from your winnings thereby lowering your income tax.
Don’t let the game get out of hand. For Assistance call 1-800-522-4700. (IL 1-800-426-2537, IN 1-800-994-8448, LA 1-877-770-7867, MS 1-888-777-9696, KS 1-800-522-4700, IA 1-800-238-7633, MO 1-888-238-7633, OH 1-800-589-9966). Win/Loss Statements All tax forms can only be sent to the contact information we have on file. If any changes are necessary, you will need to come into the Casino with your valid ID or fill out the “Update Information Form.”.
Note: Please seek the advice of a Tax Professional on the current tax laws and which records you need to keep.
What is a Win/Loss Statement?
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. Free online casino with free real money.
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 professional will need.
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.
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.’
Note: It’s your responsibility to request a win/loss statement. Don’t expect your casino to send it to you automatically.Keep in mind that any processing cannot begin until the first week of February 2021How to read a Win/Loss Statement
What information is included on my Win/Loss (Tax) Statement?< br />Your Win/Loss statement is the total estimated dollar amount you have won or lost at a casino for certain recorded gaming activities. It’s important to mention that this is an Estimated Statement and knowing how to read win loss statement is important.
1 The Win Loss Statement you receive from your Las Vegas casino is not a substitute for the records you are required to keep under applicable State and Federal tax laws. This is merely a statement that you can use to compare to your own records.
2 Your losses will be shown as negative amounts and will be reflected with parentheses.
3 Only the play recorded while using your players rewards card is included in these totals
4 Your win/loss information will include unverified, estimated slot and table game wins and losses, but does not include other wins or losses such as race and sports book wins and losses, poker wins and losses, keno wins and losses, slot tournament wins and losses, or giveaway party prizes.
5 The formula to estimate your net slot win/loss is calculated by taking total coin paid out of the machines, plus jackpots paid by hand currency, less total coin deposited into the machines as recorded while using your players rewards card.
6 The method to estimate your table game win/loss is done by a manual rating of your table game play that you have requested which is based on hands dealt per hour and average bet. Note: This information does not constitute a complete and accurate accounting record, but merely provides an unverified estimate of your slot and table game win/loss.You must keep an accurate record of your winnings and losses, and be able to prove those amounts with receipts, tickets, statements, or similar items that you have saved.
What Gambling Winnings are Reportable?
Report gambling winnings on Form W-2G if:
1. The winnings (not reduced by the wager) are $1,200 or more from a bingo game or slot machine,
2. The winnings (reduced by the wager) are $1,500 or more from a keno game,
3. The winnings (reduced by the wager or buy-in) are more than $5,000 from a poker tournament,
4. The winnings (except winnings from bingo, slot machines, keno, and poker tournaments) reduced, at the option of the payer, by the wager are:
a. $600 or more, and
b. At least 300 times the amount of the wager, or
5. The winnings are subject to federal income tax withholding (either regular gambling withholding or backup withholding).
Below is list of Las Vegas Players Club Cards, their corresponding Las Vegas hotels and Casinos and a link to download a WinLoss statement request form.
For the casinos listed above, Win/Loss statements are available online at caesars.com/myrewards or on the Caesars Rewards app. They are available the first week in February for the previous year.
Follow these steps by step instructions to Access and print the past five year’s Caesars Rewards win/loss statements
Note:Total Rewards is now Caesars RewardsThe CromwellFlamingoParis Las VegasPlanet Hollywood
To obtain your Mlife Win/Loss Tax Statements, sign in to your M life Rewards account and navigate to ’Win/Loss (Tax) Info’ in the top right corner by clicking on your name. Select the time period you would like to view. Your Win/Loss statement will automatically update based on your selection. Select ’Print Win/Loss Info’ for a printable form.
For futher assistance, call M life Rewards Member Services at 866-752-7111 for assistance.Casino Arizona Win/loss Statement TemplateBellagioThe MirageMGM Grand Las VegasMandalay Bay
Log onto B Connected Online and Click ’Account’ on the top menu to access your win/loss statement online.
Alternatively, you can visit the B Connected Club at your favorite Boyd Gaming casino in person to get your win/loss statement.
Also included are Delta Downs Racetrack Casino Hotel | Par-A-Dice Hotel Casino | Blue Chip Casino Hotel Spa | IP Casino Resort Spa - Biloxi | Diamond Jo Worth | Evangeline Downs Racetrack & CasinoCalifornia Hotel CasinoFremont Hotel & CasinoThe Orleans Hotel & CasinoSam’s Town Hotel & Gambling Hall
Log onto myBoardingPass online account and print only Win/Loss Statements for the most current year. Past Win/Loss Statements can be obtained by downloading and completing the Win/Loss Statement Request Form
Also included are Wildfire Casinos - The Wild Wild West, Barleys, The Greens, Wildfire Boulder, The Wildfire Rancho, Wildfire Lanes and Wildfire Sunset.Green Valley RanchPalace StationSunset StationTexas StationFiesta Henderson
Grazie Desk Location
The Palazzo (Location 222)
The Venetian (Location 120)
Sunday - Thursday, 8 a.m. - 1 a.m.
Friday - Saturday, 8 a.m. - 2 a.m.
You can receive a copy of your current Club Grazie Win/Loss statement by contacting your Host, or sending an email request to [email protected]
To receive a Win/Loss Statement please download the Request Form below.
Download Win/Loss Statement Request Form
To receive a W2G Summary please download the request form below.
Download W2G Summary Request Form
Marquee Rewards and mychoice are now one. Player Services 1-800-829-9034, Open daily 10 am to 10 pm PST.Win/Loss Statements will be available after January 15th at your favorite gaming location
To request Win/Loss statements prior to 2016, follow this linkRequest Win/Loss StatementArizona Charlie’s BoulderArizona Charlie’s DecaturColorado Belle Hotel Casino ResortPahrump Nugget Hotel CasinoLakeside Casino & RV Park
**When you have completed the request form, bring it to the casino True Rewards Center, or mail it to the address listed on the form
PT’s Entertainment Group
Win/Loss Statements for PT’s Entertainment Group will be available after January 15th at your favorite gaming location:
*PT’s Gold Pub | PT’s Ranch
*PT’s Brewing Company | Sierra Gold
*Sean Patrick’s Pub & Grill | SG BarLas Vegas Casino WinLoss Statement Download Cosmopolitan of Las VegasRequest Win/Loss Statement
Call 702-698-7280 or visit the Identity Membership deskSahara Las VegasDownload Win/Loss Statement Request Form
Call 702-761-7000Treasure Island (Ti) Binion’s Gambling Hall & Hotel Four Queens Hotel & Casino Golden Gate Hotel CasinoSouthPoint Hotel CasinoWestGate Las Vegas Hard Rock Hotel Casino Call 702-693-5000 | Monday - Friday 8am - 6pm
Download Win/Loss Statement Request Form Whiskey Pete’s HotelCasino Arizona Win Loss Statement Buffalo Bill’s Resort & Casino Mark Twain Casino St. Jo. Frontier CasinoLasVegasHowTo Video
Disclaimer
LasVegasHowTo.com is strictly a travel information website and in no way affiliated or associated with any Las Vegas casino, and/or it’s respective companies. If you have specific questions regarding your win / loss statement, please contact the casino directly.
Please do not contact us to request a Win/Loss Statement. Click on the link next to the casinos listed above or contact the casino directly.
Over the years, the US Tax Court has reviewed many cases when casino win/loss statements (or their equivalent) were offered into evidence by the taxpayer. None of the Tax Court judges found the documents helpful or persuasive. Lets examine each of these cases in turn.Mayer v. Commissioner of Internal Revenue
On September 20, 2000, Judge Swift published the Tax Court Memorandum Opinion of Mayer v. Commissioner of Internal Revenue, T.C. Memo. 2000-295, 2000 WL 1349156 (U.S.Tax Ct.), 80 T.C.M. (CCH) 393, T.C.M. (RIA) 2000-295, 2000 RIA TC Memo 2000-295 (U.S. Tax Court 2000).Harrah’s Casino Win Loss Statement
At trial, petitioner submitted an unsigned letter (a casino win/loss statement) from Caesar’s Palace that indicated the taxpayer had put $898,050 into the slot machines (“Coin-In”) and had estimated slot machine winnings of $837,570 (“Handpaid Jackpots” plus “Coin-Out”), for an estimated net gambling loss of $60,480.
However, in typical fashion, the letter included the following “disclaimer” language:
Please note the tracking system used to arrive at estimated win or loss information provides estimates only and does not constitute an accurate accounting record. * * * This information should be used as a supplement to your own records or information.
Unfortunately for the taxpayer, Judge Swift was not persuaded, and stated:
The Caesar’s Palace letter we regard as highly suspect. It is unsigned. By its terms, it is only an estimate and is to be supplemented by petitioner’s own records. We regard the letter as unreliable evidence and give it no weight. Casino playing online.
Casino sans d font. In summary, the only evidence the taxpayer had to prove his gambling losses was a casino win/loss statement, and the Court held that it was not enough.Lutz v. Commissioner of Internal Revenue
On April 4, 2002, Judge Thornton published the Tax Court Memorandum Opinion of Lutz v. Commissioner of Internal Revenue, T.C. Memo. 2002-89, 2002 WL 506881 (U.S.Tax Ct.), 83 T.C.M. (CCH) 1446, T.C.M. (RIA) 2002-089, 2002 RIA TC Memo 2002-089 (U.S. Tax Court 2002).
Ronald and Paula Lutz were recreational gamblers that frequently visited casinos in Louisiana and Mississippi. During 1996, they did not keep any records of their gambling activities. Instead they relied upon Trip History Reports (also known as casino win/loss statements) from the various casinos.
Prior to trial, the taxpayers and the IRS agreed upon the amount of gambling losses related to table games. Consequently, Judge Thornton was only called upon to consider the casino win/loss statements as they applied to the slot machine play of the taxpayers.
Unfortunately, the taxpayers own testimony limited the probative value of the casino win/loss statements. At trial, they testified that they considered the Player’s Card a “jinx” when playing the slot machines. In considering these documents, Judge Thornton observed:
The letters contain a number of caveats, however, including that the casino’s tracking system “is designed for marketing purposes only”, that the “information should only be used to support your personal records”, that the casino “cannot be certain that you used your * * * Player’s Club Card every time you visited us, or used it correctly”, and that “Table Game play is not an exact account of actual play; it is strictly an estimate.”
In other words, the “disclaimer” language concerned Judge Thornton greatly, and even the personal appearance at trial by the author of the letters did not relieve him of this concern. Accordingly, Judge Thornton concluded:
[T]hat the letters are unreliable indicators of petitioners’ gambling winnings and losses, failing in particular to reflect either slot machine winnings or losses.
This lack of any credible evidence left the taxpayers with a no gambling losses whatsoever – but Judge Thornton recognized that the taxpayers had to “invest” something in order to receive these amounts. Using a payoff ratio of 20 to 1, Judge Thornton allowed the taxpayers to reduce the amount of their gambling winnings by using a “recovery of capital” rationale.Hardwick v. Commissioner of Internal Revenue
On December 5, 2007, Judge Wherry published the Tax Court Memorandum Opinion of Hardwick v. Commissioner of Internal Revenue, T.C. Memo. 2007-359, 2007 WL 4257478 (U.S.Tax Ct.), 94 T.C.M. (CCH) 523, T.C.M. (RIA) 2007-359, 2007 RIA TC Memo 2007-359 (U.S. Tax Court 2007).
In this case, Judge Wherry provides the following definition:
A win-loss statement is generated from a Players’ Club card, which is a magnetically encoded card that patrons of a casino may use when playing slot machines. The Players’ Club card enables the casino to track a patron’s gambling activities by date and time, slot machine winnings and losses, and may provide free “comped” room, drink, and food for “high rollers”, or points that may be exchanged by the patron for food, drink, or merchandise.
In this case, the available evidence included IRS Form W2-G’s, a gambling log kept by the taxpayers, casino win/loss statements, bank statements and the taxpayers own testimony at trial.
Judge Wherry begins his analysis by reminding us that taxpayers have the burden of proving their deductions, and Section 165(d) allowing a deduction for wagering losses is no different. Next, Judge Wherry attempts to reconcile the total of all the IRS Form W2-G’s gambling winnings with the evidence offered by the taxpayers. His unsuccessful efforts, lead Judge Wherry to conclude:
Overall, there does not appear to be a correlation between the win-loss statements, petitioners’ Forms W–2G, Mr. Hardwick’s log, and petitioners’ bank account statements. Notably, the win-loss statements reflect that petitioners had gambling winnings totaling $115,142, while the Forms W–2G provide that petitioners had total gambling winnings of $322,500
In other words, Judge Wherry relied upon casino win/loss statements to impeach the credibility of the taxpayers’ other evidence. Once this was accomplished, Judge Wherry then relied upon the amount of gambling losses as determined by the IRS of gambling winnings and gambling losses suggested or agreed upon by the IRS.
Instead of using the casino win/loss statement as a shield for the taxpayers, the IRS and the Court used it as a sword against the taxpayers. This is an important lesson to remember.Merkin v. Commissioner of Internal Revenue
On June 5, 2008, Special Trial Judge Goldberg published the Tax Court Memorandum Opinion of Merkin v. Commissioner of Internal Revenue, T.C. Memo. 2008-146, 2008 WL 2316491 (U.S.Tax Ct.), 95 T.C.M. (CCH) 1576, T.C.M. (RIA) 2008-146, 2008 RIA TC Memo 2008-146.Hollywood Casino Win Loss Statements
During the relevant time of his audit and trial, Dr. Merkin was a self-employed psychiatrist with an office on Park Avenue in New York City. In 1999, Dr. Merkin began to play video poker and spent most of his time at the Mohegan Sun Casino in Uncasvile, Connecticut.
The primary issue in his Tax Court case, was whether or not Dr. Merkin’s gambling activity allowed him to qualify as a professional gambler. Judge Goldberg held that it did not, but instead Dr. Merkin was a recreational gambler.Caesars Casino Win Loss Statement
In conducting his analysis, Judge Goldberg relied upon the U.S. Supreme Court’s analysis in Commissioner of Internal Revenue v. Groetzinger, 480 U.S. 23, 35, 107 S.Ct. 980, 94 L.Ed.2d 25 (1987), and the nonexhaustive list of factors in Golanty v. Commissioner, 72 T.C. 411, 426, 1979 WL 3683 (1979).
Judge Goldberg immediately noticed that:
Dr. Merkin did not carry on his gambling activity in a businesslike manner. See sec. 1.183-2(b)(1), Income Tax Regs. He did not maintain any receipts, books, or records but instead relied solely upon Mohegan Sun to track all of his playing time, betting history, wins, and losses on his Player’s Club card.
Judge Goldberg then went on to use the information contained in the casino win/loss statements against the taxpayer.
For example, Dr. Merkin testified at trial that as a “professional” gambler he spent 47 out of 52 week-ends engaged in his secondary occupation for a total of at least 1,128 (assuming a minimum of 24 hours per week-end). Unfortunately for Dr. Merkin, his casino win/loss statements documented only 319 hours.Talking Stick Casino Win Loss Statement
Next, Dr. Merkin argued that as a professional gambler he could demonstrate a profit motive because of all the Player’s Club points that he earned and redeemed. Unfortunately for Dr. Merkin, Judge Goldberg pointed out that:
[W]e note that petitioners failed to report as income the value of any car, airfare, or travel that they acquired from the casino in 2003.
That is certainly a big oops!
The moral of the story is that casino win/loss statements are not the “quick-fix” panacea they appear to be, and that when dealing with the IRS there truly is no substitute for proper recordkeeping.
Register here: http://gg.gg/w5r61
https://diarynote-jp.indered.space
It’s that time of the year again.. TAX TIME and if you don’t already know, gambling winnings are taxable income. Hope you kept a logbook of your play throughout the year. Whether you won or lost money last year, keeping a proper record of your wins and losses is very important if you plan to keep more of your winnings at the end of the year.
Assuming you had a lucky day last year and hit a jackpot of $40,000. Before the casino hands over the money, they will make you fill out a W2-G form which lists your name, address and Social Security Number.
The reason you are required to fill out a W2-G form is that the Internal Revenue Service (IRS) requires casinos to report on a W2-G form all players’ jackpots of $1,200 and above. In your case, your $40,000 jackpot becomes taxable income. Don’t panic yet. Assuming throughout last year you lost $100 here and there for a total loss of $12,000. As long as you kept a proper log of your wins and losses, you will have gambling losses to deduct from your winnings thereby lowering your income tax.
Don’t let the game get out of hand. For Assistance call 1-800-522-4700. (IL 1-800-426-2537, IN 1-800-994-8448, LA 1-877-770-7867, MS 1-888-777-9696, KS 1-800-522-4700, IA 1-800-238-7633, MO 1-888-238-7633, OH 1-800-589-9966). Win/Loss Statements All tax forms can only be sent to the contact information we have on file. If any changes are necessary, you will need to come into the Casino with your valid ID or fill out the “Update Information Form.”.
Note: Please seek the advice of a Tax Professional on the current tax laws and which records you need to keep.
What is a Win/Loss Statement?
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. Free online casino with free real money.
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 professional will need.
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.
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.’
Note: It’s your responsibility to request a win/loss statement. Don’t expect your casino to send it to you automatically.Keep in mind that any processing cannot begin until the first week of February 2021How to read a Win/Loss Statement
What information is included on my Win/Loss (Tax) Statement?< br />Your Win/Loss statement is the total estimated dollar amount you have won or lost at a casino for certain recorded gaming activities. It’s important to mention that this is an Estimated Statement and knowing how to read win loss statement is important.
1 The Win Loss Statement you receive from your Las Vegas casino is not a substitute for the records you are required to keep under applicable State and Federal tax laws. This is merely a statement that you can use to compare to your own records.
2 Your losses will be shown as negative amounts and will be reflected with parentheses.
3 Only the play recorded while using your players rewards card is included in these totals
4 Your win/loss information will include unverified, estimated slot and table game wins and losses, but does not include other wins or losses such as race and sports book wins and losses, poker wins and losses, keno wins and losses, slot tournament wins and losses, or giveaway party prizes.
5 The formula to estimate your net slot win/loss is calculated by taking total coin paid out of the machines, plus jackpots paid by hand currency, less total coin deposited into the machines as recorded while using your players rewards card.
6 The method to estimate your table game win/loss is done by a manual rating of your table game play that you have requested which is based on hands dealt per hour and average bet. Note: This information does not constitute a complete and accurate accounting record, but merely provides an unverified estimate of your slot and table game win/loss.You must keep an accurate record of your winnings and losses, and be able to prove those amounts with receipts, tickets, statements, or similar items that you have saved.
What Gambling Winnings are Reportable?
Report gambling winnings on Form W-2G if:
1. The winnings (not reduced by the wager) are $1,200 or more from a bingo game or slot machine,
2. The winnings (reduced by the wager) are $1,500 or more from a keno game,
3. The winnings (reduced by the wager or buy-in) are more than $5,000 from a poker tournament,
4. The winnings (except winnings from bingo, slot machines, keno, and poker tournaments) reduced, at the option of the payer, by the wager are:
a. $600 or more, and
b. At least 300 times the amount of the wager, or
5. The winnings are subject to federal income tax withholding (either regular gambling withholding or backup withholding).
Below is list of Las Vegas Players Club Cards, their corresponding Las Vegas hotels and Casinos and a link to download a WinLoss statement request form.
For the casinos listed above, Win/Loss statements are available online at caesars.com/myrewards or on the Caesars Rewards app. They are available the first week in February for the previous year.
Follow these steps by step instructions to Access and print the past five year’s Caesars Rewards win/loss statements
Note:Total Rewards is now Caesars RewardsThe CromwellFlamingoParis Las VegasPlanet Hollywood
To obtain your Mlife Win/Loss Tax Statements, sign in to your M life Rewards account and navigate to ’Win/Loss (Tax) Info’ in the top right corner by clicking on your name. Select the time period you would like to view. Your Win/Loss statement will automatically update based on your selection. Select ’Print Win/Loss Info’ for a printable form.
For futher assistance, call M life Rewards Member Services at 866-752-7111 for assistance.Casino Arizona Win/loss Statement TemplateBellagioThe MirageMGM Grand Las VegasMandalay Bay
Log onto B Connected Online and Click ’Account’ on the top menu to access your win/loss statement online.
Alternatively, you can visit the B Connected Club at your favorite Boyd Gaming casino in person to get your win/loss statement.
Also included are Delta Downs Racetrack Casino Hotel | Par-A-Dice Hotel Casino | Blue Chip Casino Hotel Spa | IP Casino Resort Spa - Biloxi | Diamond Jo Worth | Evangeline Downs Racetrack & CasinoCalifornia Hotel CasinoFremont Hotel & CasinoThe Orleans Hotel & CasinoSam’s Town Hotel & Gambling Hall
Log onto myBoardingPass online account and print only Win/Loss Statements for the most current year. Past Win/Loss Statements can be obtained by downloading and completing the Win/Loss Statement Request Form
Also included are Wildfire Casinos - The Wild Wild West, Barleys, The Greens, Wildfire Boulder, The Wildfire Rancho, Wildfire Lanes and Wildfire Sunset.Green Valley RanchPalace StationSunset StationTexas StationFiesta Henderson
Grazie Desk Location
The Palazzo (Location 222)
The Venetian (Location 120)
Sunday - Thursday, 8 a.m. - 1 a.m.
Friday - Saturday, 8 a.m. - 2 a.m.
You can receive a copy of your current Club Grazie Win/Loss statement by contacting your Host, or sending an email request to [email protected]
To receive a Win/Loss Statement please download the Request Form below.
Download Win/Loss Statement Request Form
To receive a W2G Summary please download the request form below.
Download W2G Summary Request Form
Marquee Rewards and mychoice are now one. Player Services 1-800-829-9034, Open daily 10 am to 10 pm PST.Win/Loss Statements will be available after January 15th at your favorite gaming location
To request Win/Loss statements prior to 2016, follow this linkRequest Win/Loss StatementArizona Charlie’s BoulderArizona Charlie’s DecaturColorado Belle Hotel Casino ResortPahrump Nugget Hotel CasinoLakeside Casino & RV Park
**When you have completed the request form, bring it to the casino True Rewards Center, or mail it to the address listed on the form
PT’s Entertainment Group
Win/Loss Statements for PT’s Entertainment Group will be available after January 15th at your favorite gaming location:
*PT’s Gold Pub | PT’s Ranch
*PT’s Brewing Company | Sierra Gold
*Sean Patrick’s Pub & Grill | SG BarLas Vegas Casino WinLoss Statement Download Cosmopolitan of Las VegasRequest Win/Loss Statement
Call 702-698-7280 or visit the Identity Membership deskSahara Las VegasDownload Win/Loss Statement Request Form
Call 702-761-7000Treasure Island (Ti) Binion’s Gambling Hall & Hotel Four Queens Hotel & Casino Golden Gate Hotel CasinoSouthPoint Hotel CasinoWestGate Las Vegas Hard Rock Hotel Casino Call 702-693-5000 | Monday - Friday 8am - 6pm
Download Win/Loss Statement Request Form Whiskey Pete’s HotelCasino Arizona Win Loss Statement Buffalo Bill’s Resort & Casino Mark Twain Casino St. Jo. Frontier CasinoLasVegasHowTo Video
Disclaimer
LasVegasHowTo.com is strictly a travel information website and in no way affiliated or associated with any Las Vegas casino, and/or it’s respective companies. If you have specific questions regarding your win / loss statement, please contact the casino directly.
Please do not contact us to request a Win/Loss Statement. Click on the link next to the casinos listed above or contact the casino directly.
Over the years, the US Tax Court has reviewed many cases when casino win/loss statements (or their equivalent) were offered into evidence by the taxpayer. None of the Tax Court judges found the documents helpful or persuasive. Lets examine each of these cases in turn.Mayer v. Commissioner of Internal Revenue
On September 20, 2000, Judge Swift published the Tax Court Memorandum Opinion of Mayer v. Commissioner of Internal Revenue, T.C. Memo. 2000-295, 2000 WL 1349156 (U.S.Tax Ct.), 80 T.C.M. (CCH) 393, T.C.M. (RIA) 2000-295, 2000 RIA TC Memo 2000-295 (U.S. Tax Court 2000).Harrah’s Casino Win Loss Statement
At trial, petitioner submitted an unsigned letter (a casino win/loss statement) from Caesar’s Palace that indicated the taxpayer had put $898,050 into the slot machines (“Coin-In”) and had estimated slot machine winnings of $837,570 (“Handpaid Jackpots” plus “Coin-Out”), for an estimated net gambling loss of $60,480.
However, in typical fashion, the letter included the following “disclaimer” language:
Please note the tracking system used to arrive at estimated win or loss information provides estimates only and does not constitute an accurate accounting record. * * * This information should be used as a supplement to your own records or information.
Unfortunately for the taxpayer, Judge Swift was not persuaded, and stated:
The Caesar’s Palace letter we regard as highly suspect. It is unsigned. By its terms, it is only an estimate and is to be supplemented by petitioner’s own records. We regard the letter as unreliable evidence and give it no weight. Casino playing online.
Casino sans d font. In summary, the only evidence the taxpayer had to prove his gambling losses was a casino win/loss statement, and the Court held that it was not enough.Lutz v. Commissioner of Internal Revenue
On April 4, 2002, Judge Thornton published the Tax Court Memorandum Opinion of Lutz v. Commissioner of Internal Revenue, T.C. Memo. 2002-89, 2002 WL 506881 (U.S.Tax Ct.), 83 T.C.M. (CCH) 1446, T.C.M. (RIA) 2002-089, 2002 RIA TC Memo 2002-089 (U.S. Tax Court 2002).
Ronald and Paula Lutz were recreational gamblers that frequently visited casinos in Louisiana and Mississippi. During 1996, they did not keep any records of their gambling activities. Instead they relied upon Trip History Reports (also known as casino win/loss statements) from the various casinos.
Prior to trial, the taxpayers and the IRS agreed upon the amount of gambling losses related to table games. Consequently, Judge Thornton was only called upon to consider the casino win/loss statements as they applied to the slot machine play of the taxpayers.
Unfortunately, the taxpayers own testimony limited the probative value of the casino win/loss statements. At trial, they testified that they considered the Player’s Card a “jinx” when playing the slot machines. In considering these documents, Judge Thornton observed:
The letters contain a number of caveats, however, including that the casino’s tracking system “is designed for marketing purposes only”, that the “information should only be used to support your personal records”, that the casino “cannot be certain that you used your * * * Player’s Club Card every time you visited us, or used it correctly”, and that “Table Game play is not an exact account of actual play; it is strictly an estimate.”
In other words, the “disclaimer” language concerned Judge Thornton greatly, and even the personal appearance at trial by the author of the letters did not relieve him of this concern. Accordingly, Judge Thornton concluded:
[T]hat the letters are unreliable indicators of petitioners’ gambling winnings and losses, failing in particular to reflect either slot machine winnings or losses.
This lack of any credible evidence left the taxpayers with a no gambling losses whatsoever – but Judge Thornton recognized that the taxpayers had to “invest” something in order to receive these amounts. Using a payoff ratio of 20 to 1, Judge Thornton allowed the taxpayers to reduce the amount of their gambling winnings by using a “recovery of capital” rationale.Hardwick v. Commissioner of Internal Revenue
On December 5, 2007, Judge Wherry published the Tax Court Memorandum Opinion of Hardwick v. Commissioner of Internal Revenue, T.C. Memo. 2007-359, 2007 WL 4257478 (U.S.Tax Ct.), 94 T.C.M. (CCH) 523, T.C.M. (RIA) 2007-359, 2007 RIA TC Memo 2007-359 (U.S. Tax Court 2007).
In this case, Judge Wherry provides the following definition:
A win-loss statement is generated from a Players’ Club card, which is a magnetically encoded card that patrons of a casino may use when playing slot machines. The Players’ Club card enables the casino to track a patron’s gambling activities by date and time, slot machine winnings and losses, and may provide free “comped” room, drink, and food for “high rollers”, or points that may be exchanged by the patron for food, drink, or merchandise.
In this case, the available evidence included IRS Form W2-G’s, a gambling log kept by the taxpayers, casino win/loss statements, bank statements and the taxpayers own testimony at trial.
Judge Wherry begins his analysis by reminding us that taxpayers have the burden of proving their deductions, and Section 165(d) allowing a deduction for wagering losses is no different. Next, Judge Wherry attempts to reconcile the total of all the IRS Form W2-G’s gambling winnings with the evidence offered by the taxpayers. His unsuccessful efforts, lead Judge Wherry to conclude:
Overall, there does not appear to be a correlation between the win-loss statements, petitioners’ Forms W–2G, Mr. Hardwick’s log, and petitioners’ bank account statements. Notably, the win-loss statements reflect that petitioners had gambling winnings totaling $115,142, while the Forms W–2G provide that petitioners had total gambling winnings of $322,500
In other words, Judge Wherry relied upon casino win/loss statements to impeach the credibility of the taxpayers’ other evidence. Once this was accomplished, Judge Wherry then relied upon the amount of gambling losses as determined by the IRS of gambling winnings and gambling losses suggested or agreed upon by the IRS.
Instead of using the casino win/loss statement as a shield for the taxpayers, the IRS and the Court used it as a sword against the taxpayers. This is an important lesson to remember.Merkin v. Commissioner of Internal Revenue
On June 5, 2008, Special Trial Judge Goldberg published the Tax Court Memorandum Opinion of Merkin v. Commissioner of Internal Revenue, T.C. Memo. 2008-146, 2008 WL 2316491 (U.S.Tax Ct.), 95 T.C.M. (CCH) 1576, T.C.M. (RIA) 2008-146, 2008 RIA TC Memo 2008-146.Hollywood Casino Win Loss Statements
During the relevant time of his audit and trial, Dr. Merkin was a self-employed psychiatrist with an office on Park Avenue in New York City. In 1999, Dr. Merkin began to play video poker and spent most of his time at the Mohegan Sun Casino in Uncasvile, Connecticut.
The primary issue in his Tax Court case, was whether or not Dr. Merkin’s gambling activity allowed him to qualify as a professional gambler. Judge Goldberg held that it did not, but instead Dr. Merkin was a recreational gambler.Caesars Casino Win Loss Statement
In conducting his analysis, Judge Goldberg relied upon the U.S. Supreme Court’s analysis in Commissioner of Internal Revenue v. Groetzinger, 480 U.S. 23, 35, 107 S.Ct. 980, 94 L.Ed.2d 25 (1987), and the nonexhaustive list of factors in Golanty v. Commissioner, 72 T.C. 411, 426, 1979 WL 3683 (1979).
Judge Goldberg immediately noticed that:
Dr. Merkin did not carry on his gambling activity in a businesslike manner. See sec. 1.183-2(b)(1), Income Tax Regs. He did not maintain any receipts, books, or records but instead relied solely upon Mohegan Sun to track all of his playing time, betting history, wins, and losses on his Player’s Club card.
Judge Goldberg then went on to use the information contained in the casino win/loss statements against the taxpayer.
For example, Dr. Merkin testified at trial that as a “professional” gambler he spent 47 out of 52 week-ends engaged in his secondary occupation for a total of at least 1,128 (assuming a minimum of 24 hours per week-end). Unfortunately for Dr. Merkin, his casino win/loss statements documented only 319 hours.Talking Stick Casino Win Loss Statement
Next, Dr. Merkin argued that as a professional gambler he could demonstrate a profit motive because of all the Player’s Club points that he earned and redeemed. Unfortunately for Dr. Merkin, Judge Goldberg pointed out that:
[W]e note that petitioners failed to report as income the value of any car, airfare, or travel that they acquired from the casino in 2003.
That is certainly a big oops!
The moral of the story is that casino win/loss statements are not the “quick-fix” panacea they appear to be, and that when dealing with the IRS there truly is no substitute for proper recordkeeping.
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