Do the same rules apply as in LV? That is, W2G monies withheld if a
win exceeds 1200? I visited an Indian casino in Seattle yesterday and
witnessed a $1500 win, but nothing was withheld. The winner didn't
even have to provide their name or any ID. The game was paper Keno.
Indian Casinos and Tax Withholding
If you bet $1 and win $1500 it is a non W2G $1499 win for Keno. The clip
below is from the 2008 IRS.
The winnings (reduced by the wager) are $1,500 or more tournaments) for
federal income tax. This is referred to as from a keno game,
The winnings (not reduced by the wager) are $1,200 or more otherwise noted.
from a bingo game or slot machine,
5-card
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From: vpFREE@yahoogroups.com [mailto:vpF…@…com] On Behalf Of
brumar_lv
Subject: [vpFREE] Indian Casinos and Tax Withholding
Do the same rules apply as in LV? That is, W2G monies withheld if a
win exceeds 1200? I visited an Indian casino in Seattle yesterday and
witnessed a $1500 win, but nothing was withheld. The winner didn't
even have to provide their name or any ID. The game was paper Keno.
[Non-text portions of this message have been removed]
If you bet $1 and win $1500 it is a non W2G $1499 win for Keno. The
clip
below is from the 2008 IRS.
The winnings (reduced by the wager) are $1,500 or more tournaments)
for
federal income tax. This is referred to as from a keno game,
The winnings (not reduced by the wager) are $1,200 or more
otherwise noted.
from a bingo game or slot machine,
5-card
Thanks for the explanation. I did not know that. Guess that's an
argument favoring Keno, and a reason to play 6 or fewer numbers to
ensure the top jackpot is less than $1500. I wonder why they make a
distinction between Keno and Bingo/Slots.
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--- In vpFREE@yahoogroups.com, "5-card" <5-card@...> wrote: