Tax forms for Binion's Classic tourneys?

[growlers]

I was under the impression that Binion's (along with the Harrah's properties) were reporting to the IRS for tourney wins.
But when I got paid a sizable amount at a Binion's classic event they only took my name and hometown and paid in chips. They need a soc security # to report, right?
What is the threshold win needed to report? Do they withhold it right there or make you fill out a form - what is the procedure?
TIA.

[PokeReader]

How much, over 10K? If so they are breaking the law.

[growlers]

2.7K. I thought the reporting threshold was $600 from reading another thread (which is why I said "sizable", not that 2.7K is sizable for you 2+2er rockstars LOL). But I am a newb to this whole tourney thing. And note we are talking about paying taxes, not that 10K "transaction threshold" paper which is what I think you are referring to.

[CincyLady]

[ QUOTE ]
I was under the impression that Binion's (along with the Harrah's properties) were reporting to the IRS for tourney wins.
But when I got paid a sizable amount at a Binion's classic event they only took my name and hometown and paid in chips. They need a soc security # to report, right?
What is the threshold win needed to report? Do they withhold it right there or make you fill out a form - what is the procedure?
TIA.

[/ QUOTE ]

You should get a 1099G form in the mail around tax time, count on it, especially if you gave them your SSN.

[BrandiFan]

I gave a name and town only for about $1500 (in chips). No address or ssn.

[CincyLady]

Okay I went over and spoke with some one over in the poker room at Binions (I'm staying at the 4 Queens). He told me no, nothing would be reported, at least by the poker room itself.

How the cage handles things is another matter, as I guess there is a new rule that for amounts 3k and above, those have to be reported.

The thing is, the IRS needs to know about anything that is I think 1200 and above, and I was told by the Binions Poker room, that the reason they take your name and such, is so it can be reported to the card magazines and the the Herndon Mob websites.

Think about it here, Publicity, Internet, IRS. They (the IRS) could just go google your name and see your win(s), which are there for the world to see btw, anytime they feel like it.

[BigAlK]

I had a small cash (a few hundred) in one of the Binion's Classic tournaments. They took my name and hometown as well. However on the results sheet they were printing up for those I saw they'd massacred the name so bad nobody would ever know it was me. /images/graemlins/smile.gif

Later that week I won the Friday night 8:00 tournament (actually chopped for a bit less than 1st place money when we got HE). They only took my first name in the poker room. The cage took first and last, but no SSN. I play it straight on my taxes anyway, but without an SSN they don't have what they need to report to the IRS.

[PokeReader]

This may explain the threshold, and then you can say whether they were non complying, but I since it is less than $5000, they can't be. This audit agreement gives Binion's a special arrangement with the IRS vi a vi the filing of W-2G's.


Binion’s Horseshoe (the businesses and assets of which have been sold to unrelated companies) issued W-2G’s in their poker tournaments under a closing agreement it entered with the IRS in connection with an audit.

The triggering rule mandates that a W-2G be issued where the winnings were over $600 and are also at least 300 times the amount wagered. For an analysis of the Binion’s Closing Agreement and the triggering rule see:
W-2Gs: Debunking the Big Lie.

http://www.gambling-law-us.com/Articles-Notes/W2Gs-debunking.htm

[MLSchaff]

I was surprised that I didn't receive a W2-G or have to provide SSN info a couple of weeks ago when I chopped a Venetian night tourney for about $4K.

I asked the TD and he told me no, they don't issue W2-G's. They do have my info on file because at the V you must use your players club card to register for any tourney, and the cage did ask for my players card when I cashed out the $4K in chips, so its not completely untraceable that I won the cash, but the IRS wouldn't know about it without some ridiculous digging.

For the record, I do report all my poker income, but I find it odd that the V doesn't produce a W2-G. I had just chopped a tourney at Hustler for about $5K two weeks earlier, and they issue a W2-G on the spot before you receive your payout chips.

[CincyLady]

I came in 13th in the WSOP Circuit Event number 1 at Ceasars Indiana this past March, and yes, I did indeed get a W2G right on the spot before I could get my money (a little over 1800 bucks).

I guess it depends on where you win the money at, how it's handled.

[BigAlK]

[ QUOTE ]
The triggering rule mandates that a W-2G be issued where the winnings were over $600 and are also at least 300 times the amount wagered.

[/ QUOTE ]

The 300 times the amount wagered threshold would put almost all poker tournaments under the threshold except the top finishers in the WSOP ME. Even an online tournament would have to be well over 1000 runners before 1st place exceeded 300 buy-ins. I know that the Binion's closing agreement may only apply to Binion's. (I read a thread recently where this was discussed and apparently some venues use that agreement as their guide anyway.)

[AZplayer]

I cashed last night in the $500 NLH at Binion's ($6714) and got paid in chips. At the cage they ask for your name/ID but no SS#. I asked the TD about getting an IRS form 5724 for tax purposes (someone had 15% of my action) but he said they (poker room) didn't deal with that stuff.

Regardless of whether they give you a W2G you still have to declare the gambling income, even if it was $599.

Also a separate heads-up: when you register for a tourney at Binion's you do NOT automatically get a receipt - make sure you ask for one if you need it for tax purposes.

[mbishop]

[ QUOTE ]
This audit agreement gives Binion's a special arrangement with the IRS vi a vi the filing of W-2G's.

[/ QUOTE ]

But Binion's closing agreement doesn't have anything to do with the casino now called Binion's because:

[ QUOTE ]

Binion’s Horseshoe (the businesses and assets of which have been sold to unrelated companies)

[/ QUOTE ]
Harrah's bought the business that made the agreement with the IRS. Harrah's follows the agreement and issues forms for tourney wins over $600 on their properties. The current Binion's is not one of those properties.

[growlers]

Thanks for all the replies. So the bottom line is that if you are getting reported, then you will get a form on the spot.
I wanted to make sure there was no surprise come next April, last year I got fined a small amount as the way my regular job pay is structured I am suppossed to be doing quarterly tax payments, and I didn't want this to add to the problem.

[BGnight]

I just cashed for 6k at Binions last night. The cage only asked for my ID when i cashed my chips. I too was wondering if they are reporting this to the IRS w/ only your ID.

[growlers]

I don't see how they can report with only a name and town. There are too many people with the same name. My last name is somewhat unusual but I could always just deny being there, what stops someone from giving your name as a fake name? You would think they would need a soc # or at least an address.

[AZplayer]

Nit alert: Why does it matter if a casino reports your win? YOU are still responsible for reporting earnings from gambling...

[PokeReader]

They are not reporting these wins. However, you must still report them. Certain casinos have different rules about how they track winnings to make sure they file the mandatory 10K reports, which are aggregate winnings. The important thing for you to know is that you must still report these winnings on your personal income taxes. The casino has other obligations under BSA laws.