Need help with win/loss statement

[shadowman]

I am a little confused with my win/loss statement.

 
Using hypothetical numbers-
 
My win/loss statement from the casino says -$25,000, my WW2G say winnings of $100,000. Does this mean I won $100,000 and put back $125,000 for a total loss of $25,000?
 
My accountant thinks that the statement means I won $100,000 and lost $25,000 so I owe taxes on $75,000.
 
Can anyone clarify this?
 
 
 
 Without any records I would suggest recording the W2Gs on the 1040 and also record $100K of losses on Schedule A. This will net out even (you can't claim losses greater than wins). However, this will increase your AGI which could have negative effects on other deductions (medical for example). A good accountant should know how to do this.  The book by Jean Scott & Marisa Chien suggests a method where you record each session win and loss and report those instead of W2Gs. This normally works out to a smaller AGI, however, without records you won't be able to do this. And, for anyone considering this method you need to account for all the W2Gs in an addendum to reduce the chances of an audit. 

[shadowman]

Can Marker receipts be use as a back-up proof of loss along with winn/loss statements.
Is Jean`s Smart & Marrisa Chien booked on Taxes and gambling good ?
 Anything that you do money-wise can be used but you never know whether a particular IRS agent will allow it. They are all different. I have only heard references to the tax book and most have been good. A new IRS memo supports the session method they recommend.

[BOOPSAHOY]

Well I guess I just have to hold my breath and hope they dont audit me.I do have bank statements that show all my ATM withdrawals. I also know all the dates I wenrt down. I guess I could use that and the atm receipts and the w2gs to "create" a log for 2010  if I have to. This weekend  Mr Boop and I will put together the few trips weve already taken THIS year-I already bought a monthly planner so I can do it every trip LOL
 
edited for typos that I never see in the preview

[Casino Knight]

Boops,I visit my local IRS office every year and obtain a copy of ALL the reported W2G, and 1099's they have on file for me and mine, and compare them to our records.Believe me, they have EVERYTHING. I encourage everyone who has a substantial amount of W2G's to do this and CYA.Like damule, I also prefer Turbo Tax over a bean counter who doesn't understand how to read a Win Loss Statement.CK