casino royale las vegas win loss statement

This is merely a statement that you can use to compare to your own records. It's important to mention that this is an Estimated Statement and knowing how to read win loss statement is important.ġ 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. Your Win/Loss statement is the total estimated dollar amount you have won or lost at a casino for certain recorded gaming activities. Keep in mind that any processing cannot begin until the first week of February 2023 How to read a Win/Loss Statement What information is included on my Win/Loss (Tax) Statement? Don't expect your casino to send it to you automatically. Note: It's your responsibility to request a win/loss statement. 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.įor information on your tax record keeping obligations, contact a reputable tax professional or go to and use the search term 'gambling losses.' Note: Please seek the advice of a Tax Professional on the current tax laws and which records you need to keep.Ī 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.Īs 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. 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. Assuming throughout last year you lost $100 here and there for a total loss of $12,000. In your case, your $40,000 jackpot becomes taxable income. 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.

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. 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.Īssuming you had a lucky day last year and hit a jackpot of $40,000. Hope you kept a logbook of your play throughout the year. TAX TIME and if you don't already know, gambling winnings are taxable income.

Casino royale las vegas win loss statement