IRS Claim on Wagers

bodyforlife · Feb 10, 2007

Hey guys,

I was told there is a certain threshold on winnings, where you actually have to fill out a form at the casino for tax purposes. Anyone know what the amount is?
Forgot to mention....It's for a Sports Wager

Fishhead · Feb 10, 2007

For SLOTS/VIDEO POKER.............$1200.

wisdom · Feb 10, 2007

get pd in chips if you can.

freebie · Feb 10, 2007

$1,000 if some kinda contest like BJ or Baccarat
$10,000 chips exchange at least for Atlantic City

bodyforlife · Feb 10, 2007

On a Sportsbook wager? It's $7000

wisdom said:
get pd in chips if you can.

5teamparlay · Feb 10, 2007

ACTIVITY IS NOTED --
\
Here is a card given to players at casinos:

This simply reports the player was in this much, such as cashin a check in excess of 10K at a bank. I have had players constantly asking me how much they were in, and wouldn't go past 9,900.

THIS IS aslo why many slots/VP pay off 1199, simply pay the player and no IRS pperwork.

5teamparlay · Feb 10, 2007

Before this at some time in the 70's larger bets in VEGAS were more common, maybe Fh could expand. After the new law some SHADY types would shy away from larger wagers.

bodyforlife · Feb 10, 2007

Thanks 5Team,

It looks like it will be safe for me to pick it up. I'm only receiving 25% (it's for a client of mine), but didn't want to have to claim it on my taxes as it will really screw up my income tax return. I had offered to fly over from the Bay Area to pick it up for him but thought about the tax implications after the fact. Thanks for the info.

bodyforlife · Feb 14, 2007

Thanks 5Team,

Just picked up a $7000 payout at the Alladin yesterday. No 1099!

5teamparlay said:
ACTIVITY IS NOTED --
\
Here is a card given to players at casinos:

This simply reports the player was in this much, such as cashin a check in excess of 10K at a bank. I have had players constantly asking me how much they were in, and wouldn't go past 9,900.

THIS IS aslo why many slots/VP pay off 1199, simply pay the player and no IRS pperwork.