Hi. A friend of mine recently won $5,00.00 at Bingo, to my surprise he had to fill out a W2G form. I thought gambling winnings had to be $12,000.00 or more before a reporting form was sent to the I.R.S. Are Bingo winnings treated differently than V.P. or other gambling winnings?? Thanx. Dick McKenna
V.P. W2g's
To simplify things, all gambling winnings are taxeable. The only difference is the manner in which they are reported. Gambling losses are deductible in the same year, to the extent of gambling wins.
Richard Mckenna <tmac2@localnet.com> wrote:
Hi. A friend of mine recently won $5,00.00 at Bingo, to my surprise he
had to fill out a W2G form. I thought gambling winnings had to be
$12,000.00 or more before a reporting form was sent to the I.R.S. Are
Bingo winnings treated differently than V.P. or other gambling
winnings?? Thanx. Dick McKenna
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