IRS confirms new w2-g threshold

$2k:
https://www.casino.org/vitalvegas/irs-finally-confirms-jackpot-reporting-threshold-will-increase-to-2000/

Refresh my memory...
Why did Congress choose to raise it a measly $800?

https://wizardofvegas.com/common/trans.gif

Quote: 100xOdds

$2k:
https://www.casino.org/vitalvegas/irs-finally-confirms-jackpot-reporting-threshold-will-increase-to-2000/

Refresh my memory...
Why did Congress choose to raise it a measly $800?

https://wizardofvegas.com/common/trans.gif
link to original post

Because congressmen like playing $2 DDB?

They really should have made it $2001.

Told you the IRS wasn't clear. Now they are? Hahahaha.

Quote: AutomaticMonkey

Quote: 100xOdds

$2k:
https://www.casino.org/vitalvegas/irs-finally-confirms-jackpot-reporting-threshold-will-increase-to-2000/

Refresh my memory...
Why did Congress choose to raise it a measly $800?

https://wizardofvegas.com/common/trans.gif
link to original post

Because congressmen like playing $2 DDB?

They really should have made it $2001.
link to original post

i agree $2001 threshold makes playing vp more convenient.
but At least now playing $2 db/ddb/tdb, getting plain quad aces ($1600) no longer gets a tax form.
You can also now bet bigger on e-Games like e-Craps and e-Bacc without fear of a w2-g.

On the other hand, my casino runs a special once a year where on that night (6pm-11:59pm), if you get a handpay, you get an extra $500 freeplay.
e-Machines excluded

Quote: ChumpChange

Told you the IRS wasn't clear. Now they are? Hahahaha.
link to original post

I am shocked they clarified it NOW instead of 1st quarter 2026 with how dysfunctional the IRS currently is.

It would have been nice to have more than two weeks advance notice.

Just waiting for them to change their minds back again so it's $1,200 on hand pays and $2,000 on 1099 casino prizes. They obviously can't read.

I'll update my strategies for VBJ at $2,000 just in case. I have a current maximum bet of $145 that pays out $1,160 for a single split and two double downs plus the bets back. I could tack on $100 to that bet and make it $245 that pays out $1,960 for the same.

Bubble craps could raise their box number bets to $650 minus the vig for the 4 & 10 from the current $400. The Pass Line with double odds could be raised from $195 + $390 (which would be a hand pay of $1,560 on a 4 or 10), to $245 + $490 which would pay $1,960 on a 4 or 10. All the other bet limits could be raised substantially too. I doubt the slot techs know how to set the limits, they would need some help.

The instructions all say to check "Publication 1099." One small problem: a search of the IRS website turns up nothing with that publication number. For that matter, when I entered the URL to check the future values, it throws a 404.

Also note that this is a draft document. Unless the casinos get "the real thing," they will probably keep the reporting value at $1200.

Finally, the Code of Federal Regulations still says $1200.