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Mgm casino win loss statement

mgm casino win loss statement

Report the win on page one of the 1040, and deduct the (same amount) loss on schedule.
The Win / Loss numbers, collectively, include amounts reported on W-2Gs; I add the total wins up and then the total losses.All promotions are discount liquor winona pending mgcb approval.I have never been audited, but this has been my conclusion based on multiple sources.Anyway, I agree with your statement that it is "reasonably defensible." Just know that if you get audited, they will want a "gambling diary" and the win/loss statement might be looked at as supporting information, but doubtful as a primary source.I report the same as you, but I don't bother looking at Win/Loss statements as they are an admitted "best guess" by the casino that depends on how closely the pit boss watched your buy in, your color up, how many chips you tip the.You cannot subtract the losses from the winnings and just report that number.Excludes Michigan Disassociated Persons.I use my gambling spreadsheet for all of the numbers.Progressive games are those tied in with other casinos.So far, so good.
Best Answer: It is worthwhile to have documentation because you must show all your winnings on your tax form even if you are claiming losses.
Should the IRS audit you several years down the road, you will be very thankful you have documentation to support your claims.

Sorry to derail your thread, coilman!Must be 21 years or older.Source(s Anonymous 1 decade ago 0, thumbs up 0, thumbs down, comment, asker's rating).See M life Rewards Desk for details.Participation games are those with copyright or trademark names.Quot;: MrV, i request them and use them when preparing my itemized tax return.You have to show both total wins and total losses to the IRS in separate fields.