Let's say you pick a slot machine and bet $1 per spin and do 100 spins. So let’s start by going back to the definition of coin-in/coin-out previously posted on the site: Coin-in, simply speaking, is the total amount of bets made. 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. Please Note: After 30 minutes of inactivity, you'll be forced to start over.Ĭaution: Using the 'Back' button within the ITA tool could cause an application error.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. Answers do not constitute written advice in response to a specific written request of the taxpayer within the meaning of section 6404(f) of the Internal Revenue Code. For information about nonresidents or dual-status aliens, please see International Taxpayers.Ĭonclusions are based on information provided by you in response to the questions you answered. citizen or resident alien for the entire tax year.

If married, the spouse must also have been a U.S. citizens or resident aliens for the entire tax year for which they're inquiring. The tool is designed for taxpayers who were U.S. Any information provided to you on a Form W-2G.Amount of your gambling winnings and losses.This interview will help you determine how to claim your gambling winnings and/or losses.

Empire city casino win loss statement