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Often that confusion is linked with a statement such as “I didn’t spend X on slot machines” because of a misunderstanding of the data that is there. So let’s take a look at a win loss statement and see how to read the elements that are there.
Request a statement of your play. To request a statement of your wins and losses for tax purposes, please submit a separate request for each year that you require a statement for. Requests may only be made for the last 5 years.
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However, the Internal Revenue Code and supporting IRS precedent do not provide any specific guidelines on when a gambling activity begins and ends to determine whether the particular activity resulted in a win or a loss. The purpose of this article is to examine what precedent there is.
A Win/Loss statement is a report that provides an estimated play (amount of money that is won and loss) for the calendar year based when a Players Club card is properly inserted into the gaming device during play.
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