Taxation question - blackjack only
If so, and the casino sends that info to the IRS, is the casino required to also send you a W2-G, either on paper or electronically?
The figures I see on a casino site where I play with a player's card do not come close to accurately representing my true activity - win/loss. But it never occurred to me that this record could have any bearing on my taxes, because I have never received a W2-G, whereas for everything else in the real world I get W2s or 1099s. But a discussion in another thread that seemed to mix table games and slots together in discussing this makes me wonder. Even though I have never received a W2-G, is a friendly letter from the IRS likely to come my way because a casino sent them a W2-G for me back in 2009?
For blackjack, the reporting cannot possibly be accurate, since it depends on random opportunities to observe the flow of cash and chips at the table.
Quote: MissEyeI've only seen taxables on single wins over $1200 and they give you your tax form when they pay you. You can use your report from your players card of losses to offset any taxable wins.
The OP said "Blackjack only". MissEye mentions 'single wins over $1200'.
Has anyone actually seen tax forms/procedures at a BJ table?
I play at low limit tables, 10-15 min. I bet table max a lot, win some lose some.
Never have run into anything at the table, at the cage is another story or two.
To the OP's point, if you think you're going to get a W-2G from slots, keep all records of your play on everything, session-by-session, so you'll be able to confirm losses to deduct from that reported gain. If you only ever play tables, you should (almost) never get a W-2G. Whether you choose to keep records and/or personally report your wins to the IRS in that case, well, that's a different issue.
Quote: MathExtremistW-2G on table games is only $600 or more *and* 300x the wager. A 300x win is impossible in standard blackjack, craps, roulette, etc. Only with side bets like Fire Bet or progressive poker/bj meters.
To the OP's point, if you think you're going to get a W-2G from slots, keep all records of your play on everything, session-by-session, so you'll be able to confirm losses to deduct from that reported gain. If you only ever play tables, you should (almost) never get a W-2G. Whether you choose to keep records and/or personally report your wins to the IRS in that case, well, that's a different issue.
Lucky Ladies will generate 1.
(Just kidding Sammy, if you are reading)
Drawings, tournaments and some promotions are lower, $600 and you get a 1099. Apparently it can be an accumulative $600 over the year.Quote: MissEyeI've only seen taxables on single wins over $1200 and they give you your tax form when they pay you. You can use your report from your players card of losses to offset any taxable wins.
Quote: AxelWolfDrawings, tournaments and some promotions are lower, $600 and you get a 1099. Apparently it can be an accumulative $600 over the year.
Just $600? Good to know.
Quote: AxelWolfDrawings, tournaments and some promotions are lower, $600 and you get a 1099. Apparently it can be an accumulative $600 over the year.
What about drawings where you win cash? I've won several, and never got any paperwork. Or maybe I did get paperwork but I forgot / lost them? How much cash you gotta win to get any kinda paperwork?
