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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


  1. 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.


  2. 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.

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