Are there any other types of gambling winnings that are exempt from W-2G reporting?

[Mike_25]

Hey folks, it's tax time again which means reporting all that income from last year. That includes any big gambling winnings, and the IRS wants their cut! Some things to know:

Casinos gotta issue W-2Gs for jackpots over $1,200. Think slot wins, keno, lottery - if it's $1,200 or more, you gettin' a W-2G. Slot win a mil? Gonna get a W-2G for that! But W-2Gs only kick in at $1,200. Any less than that, you report it yourself on your return. All gambling income is taxable, W-2G or not.

Don't forget about 1099s too. That lottery mega-millions win gonna result in a 1099-MISC form to the IRS. And 1099s issue for wins over $600. Either way, the taxes are due on ALL those winnings come April 15!

Some types of wins escape reporting:

• Winnings from parimutuel betting at racetracks. Like horse race tracks, no W-2G. Still claim it as income though.

• Most casino table games. Poker pots, blackjack hits, craps wins under $1,200 typically no W-2G. Again, report it yourself.

• Sweepstakes, gifts, prizes. Non-gambling prizes and winnings don't get a W-2G. Lotteries often issue 1099s for bigger prizes though, so check the details.

• Inheritances and estate distributions. No 1099 or W-2G for money you inherit from a loved one who passed. Still might owe taxes on certain amounts though, so look into rules.

• Non-cash winnings. Stuff like merchandise, trips, goods and services instead of money? No W-2G issues. Only cash and cash equivalents ( checks, wires, similar) over $1,200 get reported.

• Some lottery scratchers. Small scratch lottery or instant game wins often don't trigger a W-2G since they stay under $1,200. But million dollar scratch wins definitely will - potential six-figure taxes on the line in some cases!

The bottom line here is report ALL your gambling income truthfully on tax day. The IRS expects it's cut of winnings big and small. Don't leave winnings off just cause no W-2G issued. Pay extra for an accountant if rules seem confusing. And consider negotiating penalty waivers or reductions if admitted mistakes were just honest errors and not willful fraud. Follow the rules, declare winnings fully - just not worth the hassle if the IRS comes after you for unpaid taxes later!

Let me know if any part of this ain't clear as day. I'm here to help however I can. Happy Tax Day!

 

[Crazy_winner]

There are various circumstances when W-2G reporting is not necessary for earnings from table games including blackjack, baccarat, craps, and roulette. The Internal Revenue Service (IRS) has established precise criteria and rules for this exemption, which can differ according on the casino and jurisdiction. It is vital to keep this in mind.

 

[ProGambler]

Hey folks, it's tax time again which means reporting all that income from last year. That includes any big gambling winnings, and the IRS wants their cut! Some things to know:

Casinos gotta issue W-2Gs for jackpots over $1,200. Think slot wins, keno, lottery - if it's $1,200 or more, you gettin' a W-2G. Slot win a mil? Gonna get a W-2G for that! But W-2Gs only kick in at $1,200. Any less than that, you report it yourself on your return. All gambling income is taxable, W-2G or not.

Don't forget about 1099s too. That lottery mega-millions win gonna result in a 1099-MISC form to the IRS. And 1099s issue for wins over $600. Either way, the taxes are due on ALL those winnings come April 15!

Some types of wins escape reporting:

• Winnings from parimutuel betting at racetracks. Like horse race tracks, no W-2G. Still claim it as income though.

• Most casino table games. Poker pots, blackjack hits, craps wins under $1,200 typically no W-2G. Again, report it yourself.

• Sweepstakes, gifts, prizes. Non-gambling prizes and winnings don't get a W-2G. Lotteries often issue 1099s for bigger prizes though, so check the details.

• Inheritances and estate distributions. No 1099 or W-2G for money you inherit from a loved one who passed. Still might owe taxes on certain amounts though, so look into rules.

• Non-cash winnings. Stuff like merchandise, trips, goods and services instead of money? No W-2G issues. Only cash and cash equivalents ( checks, wires, similar) over $1,200 get reported.

• Some lottery scratchers. Small scratch lottery or instant game wins often don't trigger a W-2G since they stay under $1,200. But million dollar scratch wins definitely will - potential six-figure taxes on the line in some cases!

The bottom line here is report ALL your gambling income truthfully on tax day. The IRS expects it's cut of winnings big and small. Don't leave winnings off just cause no W-2G issued. Pay extra for an accountant if rules seem confusing. And consider negotiating penalty waivers or reductions if admitted mistakes were just honest errors and not willful fraud. Follow the rules, declare winnings fully - just not worth the hassle if the IRS comes after you for unpaid taxes later!

Let me know if any part of this ain't clear as day. I'm here to help however I can. Happy Tax Day!

Prizes that are given in a competition or contest, if no advantage or inequality in amount or value is offered.
- Winnings from games of skill, such as blackjack, where the outcome is determined by the player's skill rather than chance

 

[swift]

There are various circumstances when W-2G reporting is not necessary for earnings from table games including blackjack, baccarat, craps, and roulette. The Internal Revenue Service (IRS) has established precise criteria and rules for this exemption, which can differ according on the casino and jurisdiction. It is vital to keep this in mind.

I think I can state that it is important for individuals who earn income from table games to be aware of the criteria and rules for exemption from W-2G reporting, as established by the IRS and other relevant authorities.