Quote:
Originally Posted by cappla011
The floor-person told me that anytime you hit one of the flop specials or bad beats, you need to fill out the tax-related papers. Is this because it is technically a bonus, and not really gambling winnings? Anyone know the official ruling on this?
I believe the cut off for irs form 1099 is starting at $600. Also, 1099 is misc income form and not gambling - which i believe is a different type of income. 1099 is for jackpot promotion type stuff that is not directly related to money wagered and therefore you can't claim gambling loses against that in income to reduce your tax liability.
Note: i am not a tax professional so if you happened to be in this situation, talk to your accountant.
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