Casino Talks

Posted by: babe at March 2, 2002, 9:47 am

Topic: regulation vs irs Forum: Winner Online

You only receive an W2G (certain gambling winnings) if you hit a slot jackpot of $1200 or more or have a keno win of $1500 or more. If you win a drawing or receive a gift worth at least $500, you will get a 1099. This also includes wins in tournaments. However, you must declare all winnings regardless of amount. You can then deduct all loses up to the amount of your winnings.

When a foreigner who does not have a social security number hits a jackpot subject to a tax form, a third is withheld. There are about 30 countries that are excempt from this withholding rule.

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