Discussion in 'Casino Gaming' started by dtmk66, Aug 10, 2018.
What is the most money you can win before they issue you a tax form?
$1199.99 on a federal form. However I've won drawings and received 1099-G forms for amounts as low as $600, and I figure it's since it's been reported to the IRS by the casino, I might as well report the appropriate amount on my federal return.
$1199.99. $1200 triggers a form
It has to be $1200 on one spin, you could win 1k per spin forever and never get a w2g, dont get your hopes up however.
Machines, tables, sportsbook?
Never seen a W2 for sportsbook or table games.
You can get a W3G on a table that offers a progressive side bet. I have received 3 since 2013.
You'll get a W2G at a table if a payout is $600 or more PLUS the payoff was 300 to 1 or greater.
$1199.99 is the limit for slots for W2G
$599.99 is the limit for “contests” (slot tournaments, drawings, etc) for 1099G
$599.99 AND more 300:1+ on table games for W2G.
A lot of contests will now offer free play instead of cash as an alternative and this eliminates the issuance of a W2G. Always take this option....even if you lose 15% playing it through once before you cash out, its still better than paying taxes.
Isnt there some weird amount for Keno?
I've always wondered this. I feel silly saying this, but there have been a couple of times that i've worked my way past 1200 and played down to 1100 just to be safe.
Dont do that, it means nothing, That's a nice stretch of luck though.
Only play BJ and Craps so don’t see many Carney bets on those games although I am seeing more and more people making that terrible side bet on pair plus (?) or whatever it is at BJ.
Had a guy at my BJ table at El Cortez a few months ago playing $5 minimum bet and then anywhere from $25 - $100 on that side bet.
After he left dealer told me he did it all the time. I wanted so bad to tell him to at least reverse that shit.
So Carney side bets or Carney table games with progressives right?
Any win that meets BOTH of the stipulations that Tring mentioned.
Not only one spin, but if you go over $1199 in a Bonus Round then you would also get a W2G.
After the IRS tax grab, the spouse has their hand flattened for theirs.
Technically the bonus round is one spin, as it happened on one single wager. The bonus round is triggered by one spin or one action, the main game pauses while your “extended spin” bonus runs occurs. Then the game picks up where it left off.
Even though some bonuses can have 10’s of spins, it’s still a single bet. That’s why bonus rounds with “free spins” still count as one wager for tax purposes.
The side bet I play is only $1. I would have trouble playing anything higher than that. I am not a BJ player, so I am not familiar the side bet variations of that game.
Keno is $1500 for some reason. But I believe this is only for live Keno. If you’re on a machine it’s still $1200.
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