http://www.usatoday.com/money/perfi/taxes/2007-10-19-irs-poker_N.htm
Does anyone know if this will somehow effect the current $1200 W-2G on
machine payouts?
Poker tourneys told to report big wins or withhold taxes
<<Does anyone know if this will somehow effect the current $1200 W-2G on machine payouts?>>
Machine payouts will not be affected because they and the $1200 threshold are already mentioned specifically in IRS regulations. There is a possibility that casinos might carry over this new $5000 rule for issuing W-2Gs for poker tournaments to other kinds of tournaments, like slot or VP tournaments. Right now some casinos already issue W-2Gs, but some issue 1099s. W-2Gs make it easier to "prove" to the IRS in an audit that a tournament win should be added to other gambling wins.
My new, much expanded tax book, coming out in November or December, covers many of these new issues plus goes into more depth about basic tax information and possible problem areas for the gambler.
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________________
Jean $�ott
The new " FRUGAL VIDEO POKER
SCOUTING GUIDE" and other frugal
products are available at my Web site,
http://queenofcomps.com/.