The casinos where I play you have to be present to win. Hope that's not the case with you.
Slot Tournament
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EDC1977
- Video Poker Master
- Posts: 2001
- Joined: Wed Aug 15, 2007 3:12 pm
YES. I HAVE WON SEVERAL TIMES IN A SLOT TOURNAMENT AND HAVE RECEIVED THAT 1099 FORM IN JANUARY TO REPORT THE MONEY TO THE IRS.
Thanks for that information. I'm quite sure a slot host would be able to provide that information as well but just sounded sketchy the way it was posted.
Thanks for that information. I'm quite sure a slot host would be able to provide that information as well but just sounded sketchy the way it was posted.
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wilcoxfun
- Senior Member
- Posts: 472
- Joined: Thu Dec 14, 2006 4:10 pm
Nancy this was a tournament which stated that you did not have to be present to win a prize. Sadly I did not come in the top 25. But there was only about 1000 people that were involved in the tournament.
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bigsteve5273@yahoo.c
- Senior Member
- Posts: 171
- Joined: Sat Oct 14, 2006 2:05 pm
Good luck in your next tournament, wilcoxfun.
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QuadMagnet
- Forum Rookie
- Posts: 15
- Joined: Sun Jul 13, 2008 3:21 am
[QUOTE=JIMDUECE`SWILD] ANY PRIZE OR ACCUMULATIVE OF PRIZES OF $600 OR MORE AT ONE CASINO YOU WILL PROBABLY GET A 1099 FOR FILING YOUR TAXES You noted probably get a 1099. Do you know for fact that one will receive a 1099? Any casino employees on this site to confirm this? Thanks in advance.[/QUOTE]
I'm not a casino employee, but I can confirm from personal experience that any "prize" of $600 or more won in a casino promotion (and slot tournaments are casino promotions) will get you a 1099 in the mail. Apparently it's the law.
The amounts where prizes/winnings become taxable are (I don't know for certain about tables games, so I'll leave that out):
$600 for prizes won in casino promotions
$1200 for slots/VP/video keno
$1500 for live keno
And, if I understand correctly, these taxable amounts were established sometime back in the 1970's decade!
Oh, how I wish they (the IRS) would up those taxable amounts to keep up with inflation!
You'd think the casinos would want them raised, too, since it would mean a lot less paperwork for them. And less paperwork means less money spent on things like salaries and overhead. Plus, I'd play at a higher denom if the taxable amounts were higher, and I'm probably not the only one that feels that way. So, the casinos would have more people playing at higher denominations, which would mean they'd be making more money. So, I'm actually surprised that casinos aren't pushing to get those taxable amounts increased.
I'm not a casino employee, but I can confirm from personal experience that any "prize" of $600 or more won in a casino promotion (and slot tournaments are casino promotions) will get you a 1099 in the mail. Apparently it's the law.
The amounts where prizes/winnings become taxable are (I don't know for certain about tables games, so I'll leave that out):
$600 for prizes won in casino promotions
$1200 for slots/VP/video keno
$1500 for live keno
And, if I understand correctly, these taxable amounts were established sometime back in the 1970's decade!
Oh, how I wish they (the IRS) would up those taxable amounts to keep up with inflation!
You'd think the casinos would want them raised, too, since it would mean a lot less paperwork for them. And less paperwork means less money spent on things like salaries and overhead. Plus, I'd play at a higher denom if the taxable amounts were higher, and I'm probably not the only one that feels that way. So, the casinos would have more people playing at higher denominations, which would mean they'd be making more money. So, I'm actually surprised that casinos aren't pushing to get those taxable amounts increased.
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BOOPSAHOY
- Video Poker Master
- Posts: 1625
- Joined: Thu Sep 14, 2006 5:20 pm
I won 1200 on 4 aces $1 denom on a machine with the same payoff as white hot aces (1200 coin for 4 aces) why couldnt they set the win for 1199?????????????????
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EDC1977
- Video Poker Master
- Posts: 2001
- Joined: Wed Aug 15, 2007 3:12 pm
[/QUOTE]
I'm not a casino employee, but I can confirm from personal experience that any "prize" of $600 or more won in a casino promotion (and slot tournaments are casino promotions) will get you a 1099 in the mail. Apparently it's the law. Oh, how I wish they (the IRS) would up those taxable amounts to keep up with inflation!
Thanks for clarifying that Quad. As you can tell, I haven't won anything resembling something in value$600 or over from a casino, just stuff they get in boxes that cost them pennies on the dollar!
I'm not a casino employee, but I can confirm from personal experience that any "prize" of $600 or more won in a casino promotion (and slot tournaments are casino promotions) will get you a 1099 in the mail. Apparently it's the law. Oh, how I wish they (the IRS) would up those taxable amounts to keep up with inflation!
Thanks for clarifying that Quad. As you can tell, I haven't won anything resembling something in value$600 or over from a casino, just stuff they get in boxes that cost them pennies on the dollar!
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shadowman
- Video Poker Master
- Posts: 3587
- Joined: Mon Oct 23, 2006 5:42 pm
The amounts where prizes/winnings become taxable are (I don't know for certain about tables games, so I'll leave that out):
$600 for prizes won in casino promotions
$1200 for slots/VP/video keno
$1500 for live keno
And, if I understand correctly, these taxable amounts were established sometime back in the 1970's decade!
Oh, how I wish they (the IRS) would up those taxable amounts to keep up with inflation!
Just a little clarification. ALL money won at casinos that exceed losses are taxable. The values above represent times when 1099s or W2Gs are issued. Legally, it does not affect anyone's tax situation even though the vast majority of people only include these as their winnings and don't bother with losses.
The overall tax rules are a mess for gamblers. You are required to address these tax forms when you file. You can deduct losses up to the amount of whatever wins you claim on Sch. A. However, you must itemize to do this. Since the wins are reported on form 1040 it also impacts your AGI and hence other deductions that you may normally claim.
I agree that these values are outdated. However, they represent additional revenue to the gov't that would be lost if they raised them, don't look for changes anytime soon.
$600 for prizes won in casino promotions
$1200 for slots/VP/video keno
$1500 for live keno
And, if I understand correctly, these taxable amounts were established sometime back in the 1970's decade!
Oh, how I wish they (the IRS) would up those taxable amounts to keep up with inflation!
Just a little clarification. ALL money won at casinos that exceed losses are taxable. The values above represent times when 1099s or W2Gs are issued. Legally, it does not affect anyone's tax situation even though the vast majority of people only include these as their winnings and don't bother with losses.
The overall tax rules are a mess for gamblers. You are required to address these tax forms when you file. You can deduct losses up to the amount of whatever wins you claim on Sch. A. However, you must itemize to do this. Since the wins are reported on form 1040 it also impacts your AGI and hence other deductions that you may normally claim.
I agree that these values are outdated. However, they represent additional revenue to the gov't that would be lost if they raised them, don't look for changes anytime soon.
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QuadMagnet
- Forum Rookie
- Posts: 15
- Joined: Sun Jul 13, 2008 3:21 am
[QUOTE=QuadMagnet] The amounts where prizes/winnings become taxable are (I don't know for certain about tables games, so I'll leave that out):
$600 for prizes won in casino promotions
$1200 for slots/VP/video keno
$1500 for live keno
And, if I understand correctly, these taxable amounts were established sometime back in the 1970's decade!
Oh, how I wish they (the IRS) would up those taxable amounts to keep up with inflation!
Just a little clarification. ALL money won at casinos that exceed losses are taxable. The values above represent times when 1099s or W2Gs are issued. Legally, it does not affect anyone's tax situation even though the vast majority of people only include these as their winnings and don't bother with losses.
The overall tax rules are a mess for gamblers. You are required to address these tax forms when you file. You can deduct losses up to the amount of whatever wins you claim on Sch. A. However, you must itemize to do this. Since the wins are reported on form 1040 it also impacts your AGI and hence other deductions that you may normally claim.
I agree that these values are outdated. However, they represent additional revenue to the gov't that would be lost if they raised them, don't look for changes anytime soon. [/QUOTE]
Greetings, Shadowman,
Yes, you are 100% correct. Thank you for the clarification!
Q.
$600 for prizes won in casino promotions
$1200 for slots/VP/video keno
$1500 for live keno
And, if I understand correctly, these taxable amounts were established sometime back in the 1970's decade!
Oh, how I wish they (the IRS) would up those taxable amounts to keep up with inflation!
Just a little clarification. ALL money won at casinos that exceed losses are taxable. The values above represent times when 1099s or W2Gs are issued. Legally, it does not affect anyone's tax situation even though the vast majority of people only include these as their winnings and don't bother with losses.
The overall tax rules are a mess for gamblers. You are required to address these tax forms when you file. You can deduct losses up to the amount of whatever wins you claim on Sch. A. However, you must itemize to do this. Since the wins are reported on form 1040 it also impacts your AGI and hence other deductions that you may normally claim.
I agree that these values are outdated. However, they represent additional revenue to the gov't that would be lost if they raised them, don't look for changes anytime soon. [/QUOTE]
Greetings, Shadowman,
Yes, you are 100% correct. Thank you for the clarification!
Q.
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