Casino Del Sol Win Loss Statement
Many gamblers and tax professionals want to know when casinos send out their win/loss statements. The short answer is “it depends.”
- Casino Del Sol Win Loss Statement Excel
- Casino Del Sol Win Loss Statement 2020
- Casino Del Sol Win Loss Statement Regarding
- Casino Del Sol Win Loss Statement 2019
- Casino Del Sol Win Loss Statement Examples
Casino Del Sol Win Loss Statement Excel
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Casino Del Sol 5655 W Valencia Rd. Tucson, AZ 85757.
First of all, it is important to realize that the Internal Revenue Service (IRS) has no authority to regulate the format, production or timing of casino win/loss statements.
Second, casino win/loss statements are provided as a courtesy by casinos to gamblers and every casino has its own way of doing things.
What this means is that the casinos do not have a set deadline for the production or availability of win/loss statements. Nor is there a governmental or industry-standard format with minimum reporting requirements for the win/loss statements.
The identity verification requirements also vary from casino to casino. Some casinos require that casino win/loss statements be requested in person. Other casinos allow telephonic requests once certain confidential information has been verified. Still other casinos require certain documents be faxed to them. Of course, a few industry-leading casinos allow their win/loss statements to be downloaded once a gambler login to his or her Player’s Card account.
Casino Del Sol Win Loss Statement 2020
A casino win/loss statement is a report or letter from a casino that summarizes a person’s gambling activity. Typically, such reports total the gambler’s activity by year, activity, and location.
Frequently, the IRS refuses to accept a casino’s win/loss statement as evidence of a gambler’s losses. As an alternative, the IRS recommends that a gambler use a gambling diary or log to record their transactions by gambling session.
Casino Del Sol Win Loss Statement Regarding
In general, many gamblers prefer to use casino win/loss statements because they are easily obtained from the casino. However, what many gamblers don’t realize is that casino win/loss statement can actually cause a gambler to pay more income tax.
Casino Del Sol Win Loss Statement 2019
Furthermore, 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.
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. As a result, the IRS does not regulate the format or time of delivery of casino win/loss statements.
Casino Del Sol Win Loss Statement Examples
For more specific information regarding a particular casino win/loss statement, please contact the casino or a qualified tax professional.