Re: Live Tournament Question
- From: Peg Smith <PegSmithNow@xxxxxxxxxxxxx>
- Date: Tue, 16 Aug 2005 20:29:09 -0500
On Tue, 16 Aug 05 23:28:39 GMT, James H. <43078748@xxxxxxxxxxxx>
wrote:
>Just wondering what information I need to sign up for a live tourney. For
>instance, if I cash, what is the amount that you can win in a tourney and not
>have to report it on your taxes.
All of your gambling winnings are taxable here in the U.S. Depending
on a few factors, you may or may not get a W2-G or a 1099 (an
information return which alerts IRS to the fact that you cashed some
bucks from the tourney), but, whether or not you get one of those
forms, you still are required by law report the income.
>Also, regardless of the previous amount, would
>you have to report your Social when you win?
If you get a W2-G or 1099, yes.
>Also, how are the winnings given
>to you (i.e. in a check, cash, chips, etc.)?
You'll get a check if it's a very large win, otherwise you'll get
chips or cash, whichever you prefer.
>For reference, I live in
>California but am going up to Vegas soon, so Answers for both states would be
>appreciated. Thanks!
Peg
.
- Prev by Date: Re: PokerRoom.com has 12-yr-olds for support
- Next by Date: Re: Really stupid limit HE question BAHH
- Previous by thread: Really stupid limit HE question BAHH
- Next by thread: Re: problems or issues
- Index(es):
Relevant Pages
|
