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#1
11-30-2007, 02:35 PM
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Re: When does the tax man cometh? (USA)
If you have a big cash in a US casino, you may have to fill out a form to report the win. That will generate a 1099G which will be sent to you and the IRS in January of the year after the win. That info goes on your tax return for that year due on April 15.
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#2
11-30-2007, 04:16 PM
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Re: When does the tax man cometh? (USA)
So the question becomes when do you start getting a W2G or a 1099G... and how do you factor this in when determining things such as rake and ultimately expected value
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#3
11-30-2007, 05:50 PM
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Re: When does the tax man cometh? (USA)
[ QUOTE ]
So the question becomes when do you start getting a W2G or a 1099G... and how do you factor this in when determining things such as rake and ultimately expected value [/ QUOTE ] You don't get a tax form for cash games, only for tournament wins. It is your responsibility to record and report all your income whether or not someone else provides you with a form. As for rake and expected vale, those are only relevant to your pre-tax profit.
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