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What? Casinos don't report all winnings. Anyone can get chips for cash, and cash for chips.
by artursapek 3y ago
What? Casinos don't report all winnings. Anyone can get chips for cash, and cash for chips.
- jdmichal 3y agoIndeed, there's a size limit on reportable winnings that trigger the necessity of a W-2G. There's also potentially different requirements that trigger tax withholding by the payer. It's generally $600 for winnings, and $5000 for withholding. https://www.irs.gov/pub/irs-news/at-01-17.pdf https://www.irs.gov/pub/irs-news/at-01-17.pdf https://www.irs.gov/pub/irs-tege/gaming_withholding_reporting_threshold.pdf https://www.irs.gov/pub/irs-tege/gaming_withholding_reportin...