As a result, the IRS does not regulate the format or time of delivery of casino win/loss statements.įor more specific information regarding a particular casino win/loss statement, please contact the casino or a qualified tax professional. It is important to remember that casino win/loss statements are not “official” IRS forms like Form W-2G Certain Gambling Winnings or Form 5754 Statement by Person(s) Receiving Gambling Winnings. However, what many gamblers don’t realize is that casino win/loss statement can actually cause a gambler to pay more income tax.įurthermore, the “disclaimer” language which states that that information contained in the casino win/loss statement is not reliable or accurate causes both the IRS and gamblers much consternation, confusion and aggravation. In general, many gamblers prefer to use casino win/loss statements because they are easily obtained from the casino. As an alternative, the IRS recommends that a gambler use a gambling diary or log to record their transactions by gambling session. Barona, a surfer who was hoping to compete in the Olympics in Paris in 2024, passed away in El Salvador on Tuesday. Here is all you need to know about Israel Barona and his cause of death as the Ecuadorian Surfer dies at the age of 34. Typically, such reports total the gambler’s activity by year, activity, and location.įrequently, the IRS refuses to accept a casino’s win/loss statement as evidence of a gambler’s losses. Ecuadorian surfer Israel Barona cause of death, bio, age and wife.

A casino win/loss statement is a report or letter from a casino that summarizes a person’s gambling activity.

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