Time to Request Win Loss Statements

As we near the end of the year it is time to request win loss statements in January. Check with all casinos that you have a slot card with and request the win loss statement to calculate your refund from the slot winnings that you received during the year. Remember that you must have a slot card. This is the only way that the casino can track how much you have gambled and lost during the year and provide a report to you. Once you complete your IRS tax filing you must file it by April 15 of each year. this applies to all US citizens as well as foreigners who want to reclaim some of the taxes that were deducted at source  i.e. at the casino from your winnings.

Time to Request Win Loss Statements – Example

Only US winnings over $1200 are taxed. If you are not from the United States, the casino will deduct 30% on the spot. The above winner won $9000 on the above combination, but had to pay $2700 in taxes immediately. They need a win loss statement.

Consumers are often surprised at how much they actually gambled when they get their statement. Often when playing with $20.00 it is not uncommon to play for over half an hour. Some times you win and sometimes you do not. But during that time, you can win over $100 in small jackpots. It is not enough to stop and your balance may never go over $30. However your loss at the end of it all is $120 while you won $100 for a net loss of $20. It is this loss that you are looking for on your win loss statement.

Every $20 of loss, nets $6 in refund depending on your other claims and income. It can be well worth the effort to request these statements.

Remember that the IRS has been auditing claims so keep all of your records.

Can also hire a professional but they will need the same information to complete your return.