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Question 2 months ago

When do casinos actually give you a w-2g form?

ok so i hit a decent slot jackpot last week (like 1800 bucks) and the casino just paid me out no paperwork or anything. but my buddy says he got some tax form when he won at poker last year? im confused af about when they actually report stuff to the irs. do i still owe taxes on this or what

Best

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vegas_local_92 2 months ago

so basically it depends on the type of gambling and the amount. for slots its $1,200 or more that triggers a W-2G, so you squeaked under that threshold. table games like blackjack usually dont get reported at all unless its a huge tournament payout. poker tournaments its $5,000+ after the buy-in. sports betting is $600 AND if its at least 300x your wager which is pretty rare tbh. i play mostly on My Bookie these days and they're good about sending the forms when needed but you still gotta track everything yourself for taxes. technically you owe taxes on ALL gambling winnings even without the form but like... good luck to the irs proving that lol

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slotqueen_marie 2 months ago

Yeah this is accurate. I hit for $1,350 on a slot a few months back and they handed me the W-2G right there before they'd even pay me out. Had to show my ID and everything. The $1,200 threshold is def real for slots/video poker specifically.

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accountant_by_day 6 weeks ago

Worth noting that keno and bingo have different thresholds - its $1,500 for those. And for any gambling winnings the W-2G also gets issued if federal withholding is required, which happens when you cant provide a valid taxpayer ID or in certain other situations. The form itself just reports the gross winnings, you can still deduct losses against it if you itemize.

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degen_sports_guy 5 weeks ago

the sports betting one is confusing to a lot of ppl. its not just $600+ its gotta be 300 to 1 odds or better AND $600. so if you bet $100 to win $600 thats only 6 to 1 and wouldnt trigger it. but if you hit some crazy parlay at +30000 and win $620 on a $2 bet then yeah youre getting that form

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curious_newbie_here 4 weeks ago

wait so if i dont get a w-2g does that mean the casino didnt report it at all? like the irs has no idea?

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pokerfacedan 4 weeks ago

correct they didnt report it. but technically youre still supposed to report it yourself on your return as other income. most people dont for small wins but legally you should. casinos only report what theyre required to by law, anything under the thresholds is on you to track

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midwest_grinder 3 weeks ago

Can confirm the poker thing too - played in a local tourney last year, cashed for like $3,800 and no forms. But my friend final tabled a bigger event and won $7k and he definitely got paperwork. The $5k net win threshold is real for poker specifically.