For gamblers who want to keep their own logs, the logs should state the date, time, casino name, machine or game played, the length of time spent gambling, and the net loss or win for the session. An Enterprise of the Tohono O’odham Nation. Tucson Sahuarita West Valley Why ©2023 Desert Diamond Casinos & Entertainment. However, if they intend to claim their losses to offset the tax on their winnings, they must have an accurate log to substantiate their math. Current Promotions Want access to daily promotions, gifts, drawings, and events Sign up for Sweetwater Rewards at Jamul Casino. Click below to discover the perks of becoming a Diamond Rewards Member, learn more about your Casino Hosts and find your Win/Loss statement. The Internal Revenue Service does not require taxpayers to submit their win/loss statements when they file taxes, notes Trib Total Media.
As of 2015, casinos report to the IRS on a Form W-2G any wins that meet or exceed $1,500 playing slot machines, $1,200 playing keno and $5,000 playing poker. Federal tax returns do not allow taxpayers to claim a net loss when filing their federal tax returns, and state tax laws differ on reporting gambling income. Even casual gamblers can deduct their losses from their wins when they submit their federal tax returns.
Gamblers use win/loss statements as a way to keep track of their net win or loss for the year, for tax purposes, states Trib Total Media.
