Are these 1099 events?
Shopping sprees of $600 or more?
Bouncebacks of $600 or more received at one time?
Free play of $600 or more is not given a 1099 because the amount received
from playing is not known. To be very literal about it, if you did make $600 or
more from it I have a feeling that it would qualify for it. Chief?
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TedChee wrote:
Are these 1099 events?
Shopping sprees of $600 or more?
Bouncebacks of $600 or more received at one time?
I can report never having the income reported in either of these cases.
I did see a report of where a 1099 was filed in the case of one person
claiming accumulated cashback in excess of $599 at a LV local. That
was word to the wise to never allow cb/bb accumulate to that level.
Of course, reported or not, these are taxable events, either as direct
income or an offset to losses (I'll leave that to your tax preparer).
As to how many actually include these in income ...
- Harry