black oak casino income and loss statement

The IRS will use this gross figure as increased ordinary income unless you can indicate losses against this win. The casino will give you a copy of the gambling win, on Form W-2G and send a copy to the IRS. Casinos offer a win-loss statement for their slot players that itemizes coin-in and coin-out, but vary in their player-tracking policies for other types of play.

If you are fortunate enough to win $1200 in a jackpot at a slot machine, $1500 from keno, $5000 from a poker tournament, or $600 or more from “other” gambling winnings, then the casino will record your Social Security Number and the amount of the win, and write it off as an expense. (IRC section 165(d).) (If you win a prize in a drawing, that does not count as “gambling.” It is reported on 1099-MISC, and other rules apply.) Do you have to pay taxes on gambling winnings? A professional gambler, or someone who gambles often would especially need to be mindful of gambling taxes. The IRS has responded accordingly, now requiring gambling winnings to be reported as a source of income, with losses deductible only to the extent of winnings. In the last thirty years, gambling has changed its image from a quasi-legal activity to a major player in the economy.

Black oak casino income and loss statement