Payouts/Taxes

[Dave]

One thing I have noticed is that if you do in fact hit over 1200 I seen one time on video reel machines with bonus rounds you will have to get a 1099 if you get like 50 free spins and the bonus is over that amount. I seen it here occassionally here in Nevada. So I do believe thats another way you will get taxed not only on a single win.

[steelevo]

Not sure on the rest, but any single bet payout on a table game, over $1000, requires a w2g. Like a full craps fire bet.

[JIMDUECE`SWILD]

Not sure on the rest, but any single bet payout on a table game, over $1000, requires a w2g.
 
I think it is $10,000. I have had a winning hand @ 3-card -poker for $1,600.

[spxChrome]

It is transactions of $10,000 or more in a single day are reported.  Or progressive bets at 300 - 1.  It wold be a nightmare in the high rollers section if they stopped play everytime somebody won $1000 at the black jack table.  What I don't get is that the threshold has not increased since 1977.  $1,200 in 1977 is not what it is today, they really should raise the limit imo.

[BOOPSAHOY]

One thing I have noticed is that if you do in fact hit over 1200 I seen one time on video reel machines with bonus rounds you will have to get a 1099 if you get like 50 free spins and the bonus is over that amount. I seen it here occassionally here in Nevada. So I do believe thats another way you will get taxed not only on a single win.


 
A total bonus round win is considered 1 win-you are correct!

[brmcc74]

you only get a w2 on table games if the win is on a progressive table such as carb. stud or some casinos have a progressive on 3 card poker and other carnival games. if you cash out more than 10,000 in chips then you have to fill out a currency report for the feds just in case of money laundering but it is not for tax purposes

[BillyJoe]

It is transactions of $10,000 or more in a single day are reported.  Or progressive bets at 300 - 1.  It wold be a nightmare in the high rollers section if they stopped play everytime somebody won $1000 at the black jack table.  What I don't get is that the threshold has not increased since 1977.  $1,200 in 1977 is not what it is today, they really should raise the limit imo.
The government is broke. Don't hold your breath for any limit raising, no matter how fair and practical it may be.

[spxChrome]

[QUOTE=spxChrome]It is transactions of $10,000 or more in a single day are reported.  Or progressive bets at 300 - 1.  It wold be a nightmare in the high rollers section if they stopped play everytime somebody won $1000 at the black jack table.  What I don't get is that the threshold has not increased since 1977.  $1,200 in 1977 is not what it is today, they really should raise the limit imo.
The government is broke. Don't hold your breath for any limit raising, no matter how fair and practical it may be. [/QUOTE]
 
I'd take a $100 raise to $1300.  Nothing more annoying that getting those $1250 W2g when hitting quads on $5......
 
well not hitting them would be more annoying i guess but raise the limit $60 bucks i say!!

[BillyJoe]

[QUOTE=billyjoe][QUOTE=spxChrome]It is transactions of $10,000 or more in a single day are reported.  Or progressive bets at 300 - 1.  It wold be a nightmare in the high rollers section if they stopped play everytime somebody won $1000 at the black jack table.  What I don't get is that the threshold has not increased since 1977.  $1,200 in 1977 is not what it is today, they really should raise the limit imo.
The government is broke. Don't hold your breath for any limit raising, no matter how fair and practical it may be. [/QUOTE]
 
I'd take a $100 raise to $1300.  Nothing more annoying that getting those $1250 W2g when hitting quads on $5......
 
well not hitting them would be more annoying i guess but raise the limit $60 bucks i say!![/QUOTE]
My vote is for $2100. A lot of $2000 hits on $1 machines.

[spxChrome]

[QUOTE=spxChrome][QUOTE=billyjoe][QUOTE=spxChrome]It is transactions of $10,000 or more in a single day are reported.  Or progressive bets at 300 - 1.  It wold be a nightmare in the high rollers section if they stopped play everytime somebody won $1000 at the black jack table.  What I don't get is that the threshold has not increased since 1977.  $1,200 in 1977 is not what it is today, they really should raise the limit imo.
The government is broke. Don't hold your breath for any limit raising, no matter how fair and practical it may be. [/QUOTE]
 
I'd take a $100 raise to $1300.  Nothing more annoying that getting those $1250 W2g when hitting quads on $5......
 
well not hitting them would be more annoying i guess but raise the limit $60 bucks i say!![/QUOTE]
My vote is for $2100. A lot of $2000 hits on $1 machines. [/QUOTE]
 
I'll second that vote.