It depends.
A Win/Loss statement estimates what an individual customer won or lost throughout a calendar year based on player monitoring data. The Win/Loss (Tax) Statement you will receive is only an unconfirmed estimate of your slot and table game win/loss that you may compare to your own records and is not a replacement for the records needed by relevant State and Federal tax regulations. Winnings from gambling are completely taxable, and you must disclose them on your tax return. This article from a CPA site has some good information.
Track your winnings by keeping accurate logs and receipts, such as:
- Entry tickets and fees
- Wager statements
- Payment slips
Such receipts also come in handy if you itemize tax deductions and can deduct your gambling losses. You can deduct gambling losses only up to the extent of gambling winnings, and the losses can't exceed the winnings. For example, if you wagered $5,000 and won $2,000, you can only deduct $2,000 in losses.
See this tax tips article for more information.
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