Any time you win jackpot $1200 or more (varies depending on game) in slots, you get a W2G which is a gaming income statement. Aggregate wins of less than 1200 are not taxable regardless of total. Total cash in or out in a “gaming day” (varies by casino) of 10000 or more is reported daily to the IRS via Currency Transaction Report which casinos fill out each day. You must play with a players card to have your losses tracked.
Any time you win jackpot $1200 or more (varies depending on game) in slots, you get a W2G which is a gaming income statement. Aggregate wins of less than 1200 are not taxable regardless of total. Total cash in or out in a “gaming day” (varies by casino) of 10000 or more is reported daily to the IRS via Currency Transaction Report which casinos fill out each day. You must play with a players card to have your losses tracked.
What about people like foreigners or illegals winning the lottery?
What about people like foreigners or illegals winning the lottery?
The jackpot has taxes taken out before payment 1042S form is used
The jackpot has taxes taken out before payment 1042S form is used
Thanks for the answer.
If the taxes are taken, out what is the 1042s for?
Thanks for the answer.
If the taxes are taken, out what is the 1042s for?
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