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Thread: Harrahs Win/Loss Statement

  1. Default Harrahs Win/Loss Statement

    Has anyone tried to retrieve their win/loss statements from the Harrahs website? They finally made 2007 available, but when I try to get mine, it says "No data available". I hope they didn't lose my information. I have 3 W2G's last year that I need to offset with my losses.

    Kurt

  2. Default Got Mine

    No problem getting mine or the wife's. Did it Wednesday. Good news/bad news, we are ahead so, I must look to other casinos for losses to offset the W2's.

    I think Harrah's is accurate on slot wins/losses at its various casinos, but I sure believe that the report does not accurately reflect table gaming wins and losses.

  3. #3

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    No problem getting mine....unfortunately

  4. #4

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    I was able to get ours but it did not include play at the Grand in Biloxi.

  5. #5
    Join Date
    Sep 2005
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    Default

    I printed mine out OK...I've never used one for taxes but might
    this year. Damn thing shows the $2,500.00 W2G (remember sonntex)
    but the other LOSS totals at the various Harrah's properties are
    real goofy.

    I do 99% of my play at RIO...says I lost $156.00 (4k would be closer...)
    Its shows a Flamingo loss of $578.00...I bet I've never put $100. through
    a Flamingo machine...?
    Other Harrah's property LOSS amounts 'could' be accurate...I don't pay attention and only play other properties while waiting for a show...$52.Paris,
    $21.Harrah's...but $578.Flamingo???WHICH ONE OF YOU FOUND MY PLAYERS CLUB CARD? lol

    The statement states it's not intended for tax reporting.
    Does anyone keep gaming trip log?...and do ya think you're accurate?
    Seems like a lot of work to keep track of every dollar you put in, win, loose each trip.

  6. #6
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    Sep 2005
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    I just talked to the RIO....Harrah's was not suppose to make these
    figures available yet...THEY GOOFED UP, AND NEW FIGURES WILL BE
    POSTED NEXT TUE. Jan 8th or WED. Jan 9th...PRINT IT AGAIN.

  7. #7
    Join Date
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    Default

    Quote Originally Posted by 7777 View Post
    I Know alot of people in this forum will disagree with me, but my accountant says that the Win Loss is statment is not enough, the IRS wants more, you half to keep a log. (sorry about the spelling).
    Last year I reported over $25,000 in W2-G's and showed the same amount as losses on Schedule A without sending along any kind of log or back-up. IRS said nothing. They sent me my refund. I've done the same in years past and they have NEVER called me up for an audit. I know of people who have reported as much as $100,000 in wins and shown the same as losses and they have not been audited.

    BUT.....to be on the safe side, you should always have a back up log. Checks for cash dated on the day you leave for your trip and ATM receipts can be used. Keep your hotel receipts to show that you were actually in LV or wherever you gambled. - I always have a paper trail available for proof if IRS should ask.

    You are SUPPOSED to report ALL wins even if you don't get a W2-G. Nobody does, but you're supposed to. LOL. Keeping a log of all the money you put into a machine and the money you win on it - include type of machine and serial number - will give you a more accurate number of the actual winnings and is what IRS will be looking for in case you do get audited. This can be a time consuming process and takes the fun out of playing slots, IMO.

    There is a formula for table winnings with which I am not familiar since I don't play tables much, but it is determined on the amount of the bet times what is won. Some table winnings don't count toward taxes. Maybe someone else on the board knows how this is figured.

    But the facts are, IRS lets you get by with a lot of winnings before they start tapping you for an audit. As long as you don't have something else on your return that flags you, your gambling will probably get by unnoticed.
    Life ain't always beautiful, but it's a beautiful ride.

  8. #8

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    Quote Originally Posted by sonntex View Post
    There is a formula for table winnings with which I am not familiar since I don't play tables much, but it is determined on the amount of the bet times what is won. Some table winnings don't count toward taxes. Maybe someone else on the board knows how this is figured.

    Yes it is something like 600 to 1 odds on your bet. Which is where they came up with the $1200 win on slot machines for a W2G.

    That is why the only table games that you will get a W2G from, is something like let-it ride or (brain freeze, can't think of the name now, but poker based) that has the side bet for $1 to win the bonus.

    I keep all plane ticket stubs, bank records of withdrawals before trips, and hotel bills, good thing too. I had a good year for collecting W2G's, even though I am just barley a head for the year. Have not added them up yet, but guessing about $85,000 or more in W2G's.

    Bad part is, the state will not allow me to take any kind of loss off of their taxes.

  9. #9
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    Thumbs down

    Quote Originally Posted by sonntex View Post
    Last year I reported over $25,000 in W2-G's and showed the same amount as losses on Schedule A without sending along any kind of log or back-up. IRS said nothing. They sent me my refund. I've done the same in years past and they have NEVER called me up for an audit. I know of people who have reported as much as $100,000 in wins and shown the same as losses and they have not been audited.

    BUT.....to be on the safe side, you should always have a back up log. Checks for cash dated on the day you leave for your trip and ATM receipts can be used. Keep your hotel receipts to show that you were actually in LV or wherever you gambled. - I always have a paper trail available for proof if IRS should ask.

    You are SUPPOSED to report ALL wins even if you don't get a W2-G. Nobody does, but you're supposed to. LOL. Keeping a log of all the money you put into a machine and the money you win on it - include type of machine and serial number - will give you a more accurate number of the actual winnings and is what IRS will be looking for in case you do get audited. This can be a time consuming process and takes the fun out of playing slots, IMO.

    There is a formula for table winnings with which I am not familiar since I don't play tables much, but it is determined on the amount of the bet times what is won. Some table winnings don't count toward taxes. Maybe someone else on the board knows how this is figured.

    But the facts are, IRS lets you get by with a lot of winnings before they start tapping you for an audit. As long as you don't have something else on your return that flags you, your gambling will probably get by unnoticed.
    I have never kept logs...who knew? I will in the future though. I called the Sunset Station, where I lost my VP virginity, and was told to print out the form that they have online, fill it out, have it notarized and mail it to them, then wait 3 weeks for the statement to arrive. From what I've been reading, Station casinos seem to be the only ones who need a notarized request. Go figure.
    I suppose I should also contact all the casinos I played in during the year.
    T

  10. #10
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    Default

    Quote Originally Posted by Tweeets View Post
    I suppose I should also contact all the casinos I played in during the year.
    T
    Yes, you should. Especially if you have any W2-G's. Harrahs and MGM will let you get them on line. In fact, I got an e-mail from MGM today telling me that mine was ready.
    Life ain't always beautiful, but it's a beautiful ride.

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