IRS and Win/Loss Statements

[BillyJoe]

Just got a love letter  from the IRS wanting supporting documentation for my tax year 2009 Misc Deductions Schedule A. The only thing on it were my gambling losses to offset my W2G reported winnings that year. I am sending them copies of the various casino's Win/Loss statements as the supporting evidence. Anyone have first-hand experience on whether the IRS will accept those?

[xswansong]

Yes billyjoe, had the same thing happen to me last year. I sent them my win/loss statements (mostly losses by the way) and they accepted it. Good luck
Joe

[BillyJoe]

Yes billyjoe, had the same thing happen to me last year. I sent them my win/loss statements (mostly losses by the way) and they accepted it. Good luck
Joe 
Thanks, Joe. Good to hear. I hope the same IRS agent opens my response.

[shadowman]

The official IRS position is you need to keep a journal. I've heard of cases where the IRS did not accept win loss statements due to the fact there's no guarantee you were using your player's card at all times.
 
I've also heard of cases where they accepted the win loss statements. Good luck.
 

[BillyJoe]

The official IRS position is you need to keep a journal. I've heard of cases where the IRS did not accept win loss statements due to the fact there's no guarantee you were using your player's card at all times.
 
I've also heard of cases where they accepted the win loss statements. Good luck.
 
Yes, Shadow, I have been told that. Do you have an example (no numbers required) of the style of journal that the IRS would accept in lieu of the casino Win/Loss statements?

[Tedlark]

  Did you make any atm withdrawals when you played? If yes, keep the receipts showing the withdrawal amount and the date. Keep these in your journal. The journal needs only to have info such as: the date you went, where you gambled and the amount won/lost. Please no side notes in the journal about rating cocktail waitresses though billyjoe.

[mammajamma]

You also have to have the rating the waitresses gave you.

[billslim]

Be careful not to open the door to a further audit by providing information they don't necessarily need to see. (like atm receipts)  Give them a hand written note that shows the date and amount that you lost.  They really have no choice but to accept that.  If they push it , you can fight them in tax court.  They probably wont take it that far.  Win/loss statements, I feel also give them too much info.

[JIMDUECE`SWILD]

Jean Scott and Marissa Chien have a book  called " Tax Help for Gamblers" which they cover audits in chapter 7.

[Lucky Larry]

billyjoe,
You may, for your own information, request the casinos you played in 2009 send you a Coin-In/Coin-out statement on an Excel spreadsheet. I would not necessarily supply this to the IRS but it would be good for you to have as backup documentation. We have requested this annually for the past few years and it has helped us document our play.

Best wishes.

LL