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.
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.
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!
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.
Save
The Palace Casino Biloxi Mississippi is updated and modern with a smoke free environment in…
We spent four nights at Harrahs Casino Biloxi Mississippi hotel in the fall of 2018.…
Whether it is your first time or you are a seasoned visitor to Las Vegas,…
The Beau Rivage Biloxi phone number to call is +1 888-567-6667 for all reservations and…
Does ambiance at casinos make a difference? For my wife it absolutely does. We suspect…
We have just been made aware that along with Hotel Fees Increasing at the Aquarius…
View Comments
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
like this. Thanks for sharing.
Here is my web site :: web Site
I need a win/loss statement for me and my husband, Felipe Armendarez. How do I get one?
Call casino services at the casino you play at, they should be able to help you