| Posted by: winbig at February 5, 2008, 4:29 am | | Topic: You and the IRS Forum: Casino Meister |
Quote: Originally Posted by RobWin
I'll look it up again but LV would have just changed this since I was out there in Aug. 07 if that is the case...I won the first one for $1,250.00 and they issued me a W-2G Form to sign...
I had to change that to a W-2G form after I went back and looked at it...
Here you go, direct from the horse's mouth:
Quote:
Generally, gambling winnings are reportable if the amount paid reduced, at the option of the payer, by the wager is (a) $600 or more and (b) at least 300 times the amount of the wager. However, these requirements do not apply to winnings from bingo, keno, and slot machines. Gambling winnings for these games are reportable if:
http://www.irs.gov/instructions/iw2g/ar02.html, under the "Reportable Gambling Winnings" heading.
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