Re: Tax forms for Binion\'s Classic tourneys?
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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.
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You should get a 1099G form in the mail around tax time, count on it, especially if you gave them your SSN.
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