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Lev
Lev, Tax Advisor
Category: Tax
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Experience:  Taxes, Immigration, Labor Relations
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Is a casino win/loss statement a valid document for ...

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Is a casino win/loss statement a valid document for proving losses on your federal tax return?

Absolutely - this is valid document to proof your losses.

For winning amount and taxes withheld there would be issued a form W2G - http://www.irs.gov/pub/irs-pdf/fw2g.pdf

You should receive this form from the payer. The same form should be sent to the IRS as well.

Customer: replied 9 years ago.
Reply to LEV's Post: I'm sorry I just want to make sure I don't misunderstand your answer. I have recieved the W2g form with payouts or wins from a casino and if I had any taxes taken out. I use them when I fill out my taxes. The win/loss statement is gathered when you used your players card and shows an overall win or loss for the year. I want to make sure that this win/loss statement is valid for audit purposes. Ex. win documented on w2g is 4000.00. Win/loss over year shows a overall loss of ($1100) which would mean I won the 4000 , spent it and another 1100 for an overall loss of $1100. Therefore, for federal purposes I have a 4000 win and valid 4000 loss on my tax form with the win/loss documentation to prove that.

yes, you may use a casino win/loss statement a valid document for proving losses reported on your federal tax return. You may present this document in case of audit.

However the win and loss amounts are reported separately on your tax return.

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