Skip to main content

Is a yearly profit and loss statement of gambling wins and losses issued by casino sufficient to file with federal tax return?

Las Vegas, NV |
Filed under: Tax return

I filed my federal tax return showing slot machine winnings as income.. I did not offset my winnings with gambling losses that I incurred. The preparer I used told me that in order to offset gambling winnings with gambling losses I must keep a detailed diary of all slot play. The casino where I gambled provides a yearly profit and loss statement. Is my tax preparer correct or can I now amend by return and use the profit and loss statement to show losses that offset my winnings?

Attorney Answers 2


Your tax preparer would be a better person to ask this of than attorneys!

Generally speaking, though, you can itemize your losses on Schedule A (but subject to a floor you have to meet; you won't be able to deduct them all).

Also, this is a complicated enough issue that you should have a CPA or enrolled agent (and probably not enough to need a tax attorney).

My inclination is that the casino records should be usable, but keep in mind that they will show additional winnings, too.

Mark as helpful

5 lawyers agree


I agree with my colleague. This is a question for your CPA or tax preparer. It is not an issue that should require a tax attorney to answer. There are specific limitations that relate to gambling losses and winnings.

Disclaimer If this answer was helpful, please mark it as helpful or as a best answer. This answer is for general education purposes only. The answer is based on the limited information provided and the answer might be different had additional information been provided. You should consult an attorney. The answers to questions submitted on this site do not constitute a solicitation or the provision of legal advice and should not be used as a substitute for obtaining legal advice from an attorney licensed or authorized to practice in your jurisdiction. Since legal advice must be tailored to the specific circumstances of each case, and laws are constantly changing, the answers provided should not be used as a substitute for the advice of competent legal counsel. You should always consult a suitably qualified attorney regarding any specific legal problem or matter. The Law Office of Loren A Piel Ltd assumes no responsibility to any person who relies on this response and disclaims all liability in respect to such information. The response to your question is not intended to and does not create an attorney-client relationship and does not constitute legal advice. No information you provide through this website is protected by attorney-client privilege. An attorney-client relationship can only be created by the mutual assent of both parties and only after a consultation. The Law Office of Loren A Piel Ltd cannot agree to be retained as counsel until a conflict-of-interest check is completed and a written engagement and fee agreement provided by The Law Office of Loren A Piel Ltd is signed. If you choose to email me, do not include any confidential, secret or otherwise sensitive information concerning any potential or actual legal matter in the email transmission. Unsolicited emails do not create an attorney-client relationship and confidential or secret information included in such emails cannot be protected from disclosure. I am only authorized to practice law in the jurisdictions in which I have been properly licensed. I am not certified by any state's or jurisdiction's board of legal specialization; nor certified as an "expert" or "specialist" pursuant to any authority governing the practice of law. The Law Office of Loren A Piel Ltd does not through this site seek to represent anyone in a jurisdiction where this site may fail to comply with the laws and ethical rules of that jurisdiction.

Mark as helpful

1 lawyer agrees

Tax law topics

Top tips from attorneys

What others are asking

Can't find what you're looking for?

Post a free question on our public forum.

Ask a Question

- or -

Search for lawyers by reviews and ratings.

Find a Lawyer

Browse all legal topics