#7
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Re: Tax forms for Binion\'s Classic tourneys?
[ 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.) |
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