This is a common confusion point for many players.
I got a win/loss statement from a casino and they say money in 80,000+ and money out 70,000+. I am going to be writing off my losses (obviously more than my wins) but I don’t understand my win loss statement. Please explain this so I can explain it to my tax preparer. There is no way in the world I put in a million dollars during a year in to the slots. According to them I have over a million dollars in coin in. I’m trying to understand my win/loss statement from San Manuel in California. It states coins out + jackpot pay out – coins in = a loss in my case. I’ve received a couple of questions around win/loss reporting recently, and tax season is getting underway, so it seems like a good time to revisit these topics.
