Tax forms for Binion's Classic tourneys?

[BigAlK]

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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.

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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]

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

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

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

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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.