In a message dated 2/5/2003 7:04:52 PM Central Standard Time,
vpfreevp@yahoo.com writes:
<< Drawing for $1,000 in cash and prizes will be held on the last
Wednesday of every month. >>
Question.......do these cash prizes generate a W-2G seeing it's over $600 or
is it at the $1200 level like machines? (Figuring a single $1000 cash prize.
I realize that the $1000 may consist of several smaller cash prizes adding up
to that amount.)
carbfree@a... wrote:
Question.......do these cash prizes generate a W-2G seeing it's
over $600 or
is it at the $1200 level like machines? (Figuring a single $1000
cash prize.
I was once fortunate to win a New Years Eve drawing, receiving a
$1,000 prize. This drawing was from tickets entered for a certain
amount of play, ie. 1 ticket for each $1000 played. Besides the
grand, they handed me a 1099 for "other income". I gave it to my tax
accountant who treated it as as gambling winnings.