Tax question ?

P

pogostick

Well-Known Member
#1
#1
While I was on my latest gambling trip playing BJ , my wife told me that a guy won $600 on a $600 bet on virtual BJ ,but the machine said he had won $1200 & was paid by the staff. He was given a tax form 1044 on $1200. Could this be right? Pogo :confused:
 
T

tthree

Banned
#2
#2
pogostick said:
While I was on my latest gambling trip playing BJ , my wife told me that a guy won $600 on a $600 bet on virtual BJ ,but the machine said he had won $1200 & was paid by the staff. He was given a tax form 1044 on $1200. Could this be right? Pogo :confused:
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They get the tax form for the payout not the win. Yes, it is right.
 
M

Machinist

Well-Known Member
#3
#3
Absolutely......yeppers......
And some states get to keep their "vig", 3% or so on each and every one of those 1200 hits!!!!!!!!!! Illinois is one..................and i believe Ken says Mississippi also.........
Nice eh?????

Machinist
 
Gamblor

Gamblor

Well-Known Member
#5
#5
I won a $200 promotion, and the casino told me they have to report it to the IRS :mad: It was just this one oddball casino.
 
M

Machinist

Well-Known Member
#6
#6
Gamblor said:
I won a $200 promotion, and the casino told me they have to report it to the IRS :mad: It was just this one oddball casino.
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I also have run into a few instances where a casino has done the same....I had to fill out a 1099.....instead of a
w2g form.....
Only had a few stores in the many years of APing that have done that....Just take it with a grain of salt. Move on.........
Just more scummy practices by the establishments............

Machinist
 
N

NightOwl

Well-Known Member
#7
#7
Machinist said:
Absolutely......yeppers......
And some states get to keep their "vig", 3% or so on each and every one of those 1200 hits!!!!!!!!!! Illinois is one..................and i believe Ken says Mississippi also.........
Nice eh?????

Machinist
Click to expand...
Ken is right about Mississippi.
 
Gamblor

Gamblor

Well-Known Member
#8
#8
Machinist said:
I also have run into a few instances where a casino has done the same....I had to fill out a 1099.....instead of a
w2g form.....
Only had a few stores in the many years of APing that have done that....Just take it with a grain of salt. Move on.........
Just more scummy practices by the establishments............

Machinist
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Yeah, I didn't even have to fill out anything, the pimply faced desk clerk just said it is reported to the IRS. Your right, I was just like "whatever", give me my money!
 
K

KingHenry

Member
#10
#10
nope, cashing out chips won't generate any tax consequences like the W-2Gs that you get for cashing out at an electronic game. if you cash out chips over 10,000 though you'll get a CTR or something like that that just gets sent to the fed with your info more so for purposes of money laundeering/counterfitting. It does not get reported to the IRS though, just keeps track of large cash transactions for the gov.
 
T

tthree

Banned
#11
#11
KingHenry said:
nope, cashing out chips won't generate any tax consequences like the W-2Gs that you get for cashing out at an electronic game. if you cash out chips over 10,000 though you'll get a CTR or something like that that just gets sent to the fed with your info more so for purposes of money laundeering/counterfitting. It does not get reported to the IRS though, just keeps track of large cash transactions for the gov.
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If you get a check from the casino the government doesn't even get that. They get nothing.
 
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