Do you like gambling? You come to the casino, races or watch sports and bet on the wins, and that entire thrill is extremely valuable for you. Every time you play slots or poker, it sucks you in, entertains you and makes you come back for more. Every win and jackpot you get takes you to another level, makes you feel high. You love money and being in the casino.
Doesn’t matter if you’re an amateur, completely new or an established casino player, you must know what a win-loss statement is and how it can influence your taxes. And in case you’re a fan of Cleveland Horseshoe Casino (now Jack Cleveland Casino), you must understand how to read a win-loss statement from Cleveland Horseshoe Casino.
As it’s essential to have your statement and know what to do with it to continue gambling and profiting from it, getting money and living on it, we’ll help you understand the win-loss statement from every casino you visit. You won’t be scared to gamble anymore and will know how to deal with taxes.
About Cleveland Horseshoe Casino (Jack Cleveland Casino)
First, let’s talk about the Jack Cleveland Casino to understand the matter better and make it clearer. You can’t just judge the statement of your favorite place before getting to know the history and where it came from, right?
Jake Cleveland Casino is located in Cleveland, Ohio, in Higbee Building at the Tower City Center, making it extremely approachable and open to anybody over 21 years old, 24 hours a day. You can find it from the Tower City Center, Public Square, and Terminal Tower. It’s big and has a lot to present to the visitors. That includes:
- over 1500 slots;
- almost 40 electronic games;
- more than 100 table games.
It also partnered up with several hotels to provide rooms and accommodation for the visitors, and so they can access the casino quickly as they live nearby. Moreover, they made it possible to have meals and drinks from the best restaurants that partnered up with this establishment.
History of the Casino
- The Horseshoe Cleveland Casino was opened on May 14, the year 2009 as the casinos were legalized in Ohio and other cities several years before that.
- This casino became one of the best as its taxes were spent for good purposes, including the treatment and research of the gambling addiction, schools, other cities, developing rules for gambling in Ohio and other.
- In February 2016 the casino was rebranded and remade into the Jack Cleveland Casino and provided better gambling access to the locals and tourists from that time on.
What to Do Here
Of course, play! As soon as you enter, you will be able to play any game you like, be it slots, poker, baccarat or any other games from the hundreds on the list of the casino. You’re in luck if you like poker the most because they have a huge poker room. You can also rest and chill at the lounge rooms, take a break and snack at the buffet and food court. If you want to stay near the casino, it’s possible to book a room at the nearest hotel with the partner. Or, in case you’re hungry for a pleasant meal, go to the restaurant and spend some time there before coming back to gambling.
So, when you’ve already understood that you prefer this casino and want to gamble here for some time, it’s just perfect to get to know about your taxes and a win-loss statement from here.
What Is a Win-Loss Statement
You won’t really think that income from gambling is something that would be counted as a legal income. Yet, that’s how reality is, and when your earnings are more than $1200, you need to fill out the special form for your taxes every year. So, you better track all your times you went to the casino.
The win-loss statement also works with:
- races (dog and horse);
- lottery;
- raffles;
- poker;
- sports betting.
Basically, a win-loss statement is what you’ve earned and lost throughout a year based on your information tracked either by you or the casino by using their customer card. It’s the best to track your own wins or losses, but requesting this document from the casino you visit the most will make the taxing process a lot easier for you.
When you want to see if your win-loss statement is good enough for counting out the taxes and increasing your income, that’s what you should note down every time you gamble:
- the date of your gambling;
- type of gambling (poker, betting, slots, etc.)
- name of your casino and its full address;
- names of people you played with;
- how much you won and lost during the games.
Why Do You Need a Win-Loss Statement?
You need your statement so you will get more income from what you won. So, you will simply get fewer taxes if you report how much you lost during the game. The losses are deducted from your taxes.
You can count how much IRS (Internal Revenue Service) will deduct from taxes by counting how much you won and lost, and then using this method: a whole sum you won during the year minus how much you lost during the year.
Yet, you should note that you can’t use this method if you lost more than you won. You can only deduct the same amount. For example, if you won $15000 but lost $16000, you can only count $15000 as losses.
Same goes out to those, who think they can just minus out their losses from the taxes. You can only report the loss if you had won at least once.
What’s in My Win Loss Statement
When you look at your win-loss statement, there are things you should learn about it to read it right. In your win-loss statement, you have:
- The estimated amount of dollars you won at the casino; in this situation, it’s Cleveland Horseshoe (Jack Cleveland) Casino. You can’t simply take this amount and give it to your tax professional, you are required to keep track yourself and compare those.
- All your losses as a negative amount.
- The only money that was recorded by the card from your casino.
- Only wins from the slot and table games, not any other games you participated in. All the information is also not verified until you count it yourself and compare.
Which winnings can be reported?
You should report the winnings as to count in your annual taxes in cases like:
- you played slots or bingo machines and won more than $1200 this year;
- you played poker and won more than $5000 this year;
- you played a keno game and won more than $1500 this year.
All in all, gambling is not as easy as it can seem to some people. If you truly love to gamble at the Jack Cleveland casino and want to be serious about it, you need a win-loss report from this casino. Moreover, it will be counted in your taxes when you win more than $1200 on the most popular games. Now you know how to read a win-loss statement from past Cleveland Horseshoe Casino, now Jack Cleveland Casino. Good luck, player!
