| Posted by: RobWin at February 5, 2008, 4:38 am | | Topic: You and the IRS Forum: Casino Meister |
This is from your link Win:
Reportable Gambling Winnings
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:
The winnings (reduced by the wager) are $1,500 or more from a keno game,
The winnings (not reduced by the wager) are $1,200 or more from a bingo game or slot machine, or
The winnings (reduced by the wager or buy-in) are more than $5,000 from a poker tournament.
If you pay reportable gambling winnings, you must file Form W-2G with the IRS and provide a statement to the winner (Copies B and C of Form W-2G).
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