vpFREE2 Forums

A Tax Question

#1

A hypothetical question:

You won a substantial drawing at a casino (drop a ticket in a bucket
for a chance to win 50K), you were given a check and no federal or
state taxes were withheld....would you expect to receive a 1099, W2-
G, 1042-S, or some other statement?

The casino has all the particulars, name, ss#, players card #,
current address...but to date nothing has been rec'd.

Win/loss statements have been collected for the year's worth of VP,
and the losses not are not close to the win this year.....but losses
over the last few years equal or exceed....

Advice?

Thanks in advance!
Connie

#2

Connie asked,

"You won a substantial drawing at a casino (drop a ticket in a bucket
for a chance to win 50K), you were given a check and no federal or
state taxes were withheld....would you expect to receive a 1099, W2-
G, 1042-S, or some other statement?

The casino has all the particulars, name, ss#, players card #,
current address...but to date nothing has been rec'd.

Win/loss statements have been collected for the year's worth of VP,
and the losses not are not close to the win this year.....but losses
over the last few years equal or exceed...."

If you're a US citizen you should receive a 1099-MISC. A drawing as you described is like a sweepstakes and falls under those tax rules rather than the gambling rules.

These forms (1099s, W-2s, etc.) are required to be mailed by January 31st, so you might not receive the form for another week. Even if you don't receive the form you're required to report all of your income on your tax return.

Hope this helps,

Russ Fox
http://www.taxabletalk.com/

[Non-text portions of this message have been removed]

#3

Connie asked,

"You won a substantial drawing at a casino (drop a ticket in a bucket
for a chance to win 50K), you were given a check and no federal or
state taxes were withheld....would you expect to receive a 1099, W2-
G, 1042-S, or some other statement?

The casino has all the particulars, name, ss#, players card #,
current address...but to date nothing has been rec'd.

Win/loss statements have been collected for the year's worth of VP,
and the losses not are not close to the win this year.....but losses
over the last few years equal or exceed...."

If you're a US citizen you should receive a 1099-MISC. A drawing as

you described is like a sweepstakes and falls under those tax rules
rather than the gambling rules.

These forms (1099s, W-2s, etc.) are required to be mailed by January

31st, so you might not receive the form for another week. Even if you
don't receive the form you're required to report all of your income on
your tax return.

···

--- In vpFREE@yahoogroups.com, "Russell Fox" <rcfox@...> wrote:

Hope this helps,

Russ Fox
http://www.taxabletalk.com/

=======================================
It has been my experience that you can't write off your losses against
a 1099 unless you're filing as a pro.

#4

Casinos have to send 1099s or W-2Gs (if they haven't given them to you earlier) by January 31st. If you don't get one by then, then you probably aren't getting one.

···

________________
Jean $�ott
http://queenofcomps.com/

New blog taking the place of
Frugal Fridays. Go to
http://lasvegasadvisor.com/
and click on my photo.

#5

<<It has been my experience that you can't write off your losses against
a 1099 unless you're filing as a pro.>>

Many recreational players have been able to do this, but you need to list them with your W-2Gs on a separate sheet of paper and label them gambling wins. We discuss this subject in "Tax Help for Gamblers."

···

________________
Jean $�ott
http://queenofcomps.com/

New blog taking the place of
Frugal Fridays. Go to
http://lasvegasadvisor.com/
and click on my photo.