TRUTH: Wrong! The IRS consistently disallows such win/loss statements from Casinos since they frequently report the amount of wins or losses as a “net” amount. MYTH #3: I can use a win/loss statement from the Casino to prove my gambling losses. "Gamblers frequently rely upon myths, urban legends and bad tax advice when it comes time to prepare their individual income tax returns." Most impt thing is to report all W2g's (handpays) reported to IRS by casinos- or their computers will automatically pickup a discrepancy. I've spoken to several CPA's who do not get the tax code when it comes to gambling losses themselves. I've never met anyone who does this, so basically most gamblers are at the mercy of the IRS if audited. It won't help you in the event of an audit- the only way to substantiate losses is to maintain a detailed daily diary as reqd by the IRS.
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