For gamblers who want to keep their own logs, the logs should state the date, time, casino name, machine or game played, the length of time spent gambling, and the net loss or win for the session. However, if they intend to claim their losses to offset the tax on their winnings, they must have an accurate log to substantiate their math. The Internal Revenue Service does not require taxpayers to submit their win/loss statements when they file taxes, notes Trib Total Media. Calling all gamblers: You'll have a new option for slots, roulette and more in metro Phoenix when Santan Mountain Casino opens on the Gila River Reservation near Chandler. As of 2015, casinos report to the IRS on a Form W-2G any wins that meet or exceed $1,500 playing slot machines, $1,200 playing keno and $5,000 playing poker. Federal tax returns do not allow taxpayers to claim a net loss when filing their federal tax returns, and state tax laws differ on reporting gambling income. Even casual gamblers can deduct their losses from their wins when they submit their federal tax returns. Gamblers use win/loss statements as a way to keep track of their net win or loss for the year, for tax purposes, states Trib Total Media.
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