In case the IRS audits you, it is important to keep a log detailing your activity throughout the year. Please remember that your win/loss statement is only a reference tool. You are able to claim losses up to the amount of your winnings on Schedule A, Itemized Deductions under “Other Miscellaneous Deductions.” Your wins and losses will be reported separately. The win/loss statement can be useful when reporting additional income or claiming losses. This statement is an annual record of your wins and losses. What is a win/loss statement?Ī win/loss statement is a one-line summary of your coin-in and coin-out for initial tax filing.
We want to make sure you’re prepared with everything you need to have your taxes in order well before the April 18 deadline.
