Win/Loss Statement

[3DBeach]

With tax season in full swing I was wondering how many people request win/loss statements. I did 2 cruises with NCL last year, won one $1600 jackpot but lost well over $6K plus whatever small winnings I gave back. I'm wondering if it will benefit me to request a win/loss statement from NCL?? I feel like it will at the very least balance out what I would have to pay from the $1600 jackpot???

Any help/advice would be appreciated.

[tompeter]

If you don't have any other documented proof of gambling losses, whether losing lottery tickets, or win/loss from other casino's, then by all means request it for proof, to document your write off when you do your taxes.

[VideoTech]

Since you need documentation of your losses to deduct them, it would be helpful to have the win/loss statement. We have gotten them from NCL in the past without much difficulty.

[Artemus]

I agree with the two previous posters. Whenever I have a big win in a casino, I always get a win/loss statement so I can offset the winnings with my losses. You can also use win/loss statements from other casinos.

[skeeter195]

Very easy to get from NCL, just request it online in the CAS section. Also any other loss is valid. Lottery tickets, race track or OTB tickets, bingo purchases. Also always keep a journal of your wins and losses, even if you don't have proof of a loss the journal along with your documented proof will be good. Remember a win loss statement for table games is an estimate by the casino, an actual journal will be more accurate. Most times the win loss will be very close, but sometimes way off. If it ever comes down to it, it will be your word against theirs(actual humans recording data) and if you have a good journal you will win every time.

[3DBeach]

Thank you all for answering. I printed it our from the NCL website and just need to have it notarized then I will be sending it to them. How long approximately does it take to get?

[Coastalbreezes]

Thank you all for answering. I printed it our from the NCL website and just need to have it notarized then I will be sending it to them. How long approximately does it take to get?

 

I faxed my request and had the statement come via email the same day.

Tracy

[Kcruiser2014]

Just remember, you can only deduct your losses against your winnings if you itemize ( and then only up to the amount of winnings claimed). You cannot just net them out. I have seen a number of people get burned by this. Go to IRS.gov and search for gambling losses. There is a ton of info. The previous poster is correct. A win/loss journal is invaluable, as that is what IRS wants to see if you are ever audited.

 

 

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