Hollywood Casino Win Loss Statement
A casino win/loss statement is a report or letter from a casino that summarizes a person’s gambling activity. Typically, such reports total the gambler’s activity by year, activity, and location.
- Hollywood Casino Win Loss Statements 2017
- Hollywood Casino Win Loss Statement Joliet Il
- Hollywood Casino Win Loss Statements St Louis
- Hollywood Casino Win Loss Statement 2019
This statement shows your Win/Loss for play involving use of your Casinos at Sea players club card. All winnings, including W-2G’s (hand paid jackpots) as well as losses, are reflected in the Total Win/Loss for the period requested. Effective January 15, 2020, Win/Loss requests will be automated. A casino win/loss statement is a report or letter from a casino that summarizes a person’s gambling activity. Typically, such reports total the gambler’s activity by year, activity, and location. Frequently, the IRS refuses to accept a casino’s win/loss statement as evidence of a gambler’s losses.
Hollywood Casino Win Loss Statements 2017
Frequently, the IRS refuses to accept a casino’s win/loss statement as evidence of a gambler’s losses. As an alternative, the IRS recommends that a gambler use a gambling diary or log to record their transactions by gambling session.
In general, many gamblers prefer to use casino win/loss statements because they are easily obtained from the casino. However, what many gamblers don’t realize is that casino win/loss statement can actually cause a gambler to pay more income tax.
Furthermore, the “disclaimer” language which states that that information contained in the casino win/loss statement is not reliable or accurate causes both the IRS and gamblers much consternation, confusion and aggravation.
It is important to remember that casino win/loss statements are not “official” IRS forms like Form W-2G Certain Gambling Winnings or Form 5754 Statement by Person(s) Receiving Gambling Winnings. As a result, the IRS does not regulate the format or time of delivery of casino win/loss statements.
Hollywood Casino Win Loss Statement Joliet Il
For more specific information regarding a particular casino win/loss statement, please contact the casino or a qualified tax professional.
Download Today and Get $10 mycash and 5M credits at my choice casino.
You already know you can earn at every turn and cash in on great rewards with mychoice®. Now, you can also get real-time updates on your account with the all-new mychoice rewards loyalty app. Plus, get $10 mycash® and 5M credits to play for fun at mychoice casino when you download the app today!
The rewards program that lets you earn tier points and mycash while you play, dine, and shop now gives you access to your tier status, exclusive rewards, special offers, and mycash balance all in one place – instantly.