I hit a taxable jackpot at 1:30 AM on Jan 1st. I thought to myself, good will go on next year tax form, But the guy showed up with form that I hit it 31 Dec. explaining that the casino didn't count anything until 7:00 am as the next day.
Should I have said, this is BS, I want it recorded on the date I hit it?
If the casino counts a comp day as 4 AM-359AM, a prize won after midnight would still be the same gambling day as your 11 PM play.
If you never cashed the ticket, you shouldn't owe taxes so I'd think it becomes taxable when you cash it, not when you earn it. I've no idea how the IRS feels about it.
Quote: rxwineThis happened a couple years ago, but was reminded of it with upcoming New Year.
I hit a taxable jackpot at 1:30 AM on Jan 1st. I thought to myself, good will go on next year tax form, But the guy showed up with form that I hit it 31 Dec. explaining that the casino didn't count anything until 7:00 am as the next day.
Should I have said, this is BS, I want it recorded on the date I hit it?
link to original post
The casino can do what it wants for comps. I don’t think it can subvert US law by changing the year on a taxable payout.
I don’t know what the ruling would be if you won late Dec31, but didn’t formally collect until early Jan 1. Your situation is not ambiguous.
Quote: SOOPOOQuote: rxwineThis happened a couple years ago, but was reminded of it with upcoming New Year.
I hit a taxable jackpot at 1:30 AM on Jan 1st. I thought to myself, good will go on next year tax form, But the guy showed up with form that I hit it 31 Dec. explaining that the casino didn't count anything until 7:00 am as the next day.
Should I have said, this is BS, I want it recorded on the date I hit it?
link to original post
The casino can do what it wants for comps. I don’t think it can subvert US law by changing the year on a taxable payout.
I don’t know what the ruling would be if you won late Dec31, but didn’t formally collect until early Jan 1. Your situation is not ambiguous.
link to original post
One year our casinos didn't have new W2G forms for the new year so we handed out the previous years forms but crossed out the year and changed it to the current year.
(I tried to find something relevant to the situation).
Anyway…
Larry's Villa sometimes didn't even bother giving W2G's for jackpots.Quote: DRichQuote: SOOPOOQuote: rxwineThis happened a couple years ago, but was reminded of it with upcoming New Year.
I hit a taxable jackpot at 1:30 AM on Jan 1st. I thought to myself, good will go on next year tax form, But the guy showed up with form that I hit it 31 Dec. explaining that the casino didn't count anything until 7:00 am as the next day.
Should I have said, this is BS, I want it recorded on the date I hit it?
link to original post
The casino can do what it wants for comps. I don’t think it can subvert US law by changing the year on a taxable payout.
I don’t know what the ruling would be if you won late Dec31, but didn’t formally collect until early Jan 1. Your situation is not ambiguous.
link to original post
One year our casinos didn't have new W2G forms for the new year so we handed out the previous years forms but crossed out the year and changed it to the current year.
link to original post
Oftentimes they would need to open up some bill validators on other machines in-order to pay off jackpots. They didn't use a rout operator and owned their own machines.
2024.
Quote: AxelWolfLarry's Villa sometimes didn't even bother giving W2G's for jackpots.Quote: DRichQuote: SOOPOOQuote: rxwineThis happened a couple years ago, but was reminded of it with upcoming New Year.
I hit a taxable jackpot at 1:30 AM on Jan 1st. I thought to myself, good will go on next year tax form, But the guy showed up with form that I hit it 31 Dec. explaining that the casino didn't count anything until 7:00 am as the next day.
Should I have said, this is BS, I want it recorded on the date I hit it?
link to original post
The casino can do what it wants for comps. I don’t think it can subvert US law by changing the year on a taxable payout.
I don’t know what the ruling would be if you won late Dec31, but didn’t formally collect until early Jan 1. Your situation is not ambiguous.
link to original post
One year our casinos didn't have new W2G forms for the new year so we handed out the previous years forms but crossed out the year and changed it to the current year.
link to original post
Oftentimes they would need to open up some bill validators on other machines in-order to pay off jackpots. They didn't use a rout operator and owned their own machines.
link to original post
I have known a few bartenders that would regularly forget to fill out a W2G.
Larry's Villa. That is a place I haven't thought of in ten years or so.