Casino Reviews

Casino Slot Machine Win Loss Statement

Win Loss StatementMost people never have to be concerned about casino win loss statements. However if you do then you are one of the lucky ones who has won a jackpot. You need to file an IRS tax statement to claim some of your money back. Canadians are automatically taxed at source at a rate of 30% on any winnings over $1200 in the United States. We recently had this experience and started with a win of $1329, only to lose $399 to taxes with held at the casino for tax purposes. Apparently Americans do not have to pay the tax up front. They do have to show this gambling income on their tax forms and pay the appropriate taxes. So what does all of this have to do with a casino slot machine win loss statement. You will need one if you want your money back.

Claim Losses against your Jackpot income

Well if you feel that if you lost a great deal of money in the tax year that you won your jackpot, you can claim this loss against the jackpot that you won. You can reduce the amount of tax that you paid. The only way to be able to request a win loss statement is to ask for one from the casino that you play at. To do this you must have used a slot card which identifies you to the casino . It  tracks the amount of money you pay into the machine as well as your winnings. For more information on casino slot cards and all of the benefits of a slot card, click here.

How do I request a Win Loss Statement

As long as you are using a slot card when you are gambling at the slots you will be able to request a casino slot machine win loss statement at the end of each year.  Each casino company is a bit different. however for most, all you have to do is go to their web site and search around until you find a link that tells you how to request a win loss statement. Some allow you to do this online and you can download a pdf almost immediately. In other cases you will have to fill in a form and either send by mail or by fax. Once your request is received, you will receive your report within 5 to 7 business days in most cases.

Surprising Casino Win Loss Statements

Most people know that you might start off with, lets say $50 and during an evening you might win a number of small jackpots which of course you use to continue gambling. On a particularly good night you might turn your original $50 over many times so that it looks like you have gambled maybe $300 or even more. At the end of the night using this example if you finally lost your $50,  your win  loss statement for that day would show you gambled $300, won $250 and lost $50! It is this loss of $50 that you want to claim against your jackpot that you paid tax on. We play nickel machines most of the time and at one casino we apparently played $43 798 and won $43, 502 for a net loss of $296! This was over a period of a year and represented a visit to the casino once a week approximately on average! Amazing but true!

Summarize your Statements of Casino wins and Losses

Request all of your win loss statements from all casinos which you have a slot card for. You can add up the wins and losses for all of these casinos. This will show what your total loss was to justify that the tax deducted should be returned to you. Or at least part of it depending on how big a jackpot you won.

Our next post will discuss in general terms what you need to do with these win loss statements, were to find the tax forms if you are a Canadian and how to arrange to file your taxes with the IRS. We are in the process of doing this for the past year and hope to receive a refund from the IRS.

If you have had experience making claims of this sort, feel free to leave a comment. All comments that we well written and helpful to our readers will be considered for being included with our posts. We will even include a link if requested for quality comments.


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3 Responses to “Casino Slot Machine Win Loss Statement”

  1. It’s really a great and helpful piece of information. I’m glad
    that you shared this useful info with us. Please stay us informed
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  2. Julia Armendarez Says:

    I need a win/loss statement for me and my husband, Felipe Armendarez. How do I get one?

  3. Call casino services at the casino you play at, they should be able to help you

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