Question regarding welcome bonuses
Join Date: Jan 2019
Posts: 6
Hi guys
So im thinking about giving my buddy $1,000 to play poker at partypoker.
I going to give him cash and he will deposit with his own credit card.
Lets assume a couple scenarios and a couple question related to those questions.
Scenario 1. If he clears the welcome bonus and breaks even, he will have $2,000 in his account (1.000 from his first deposit and 1,000 from the welcome bonus). What form will he receive? I am assuming he will just receive a 1099 MISC for 1,0000 (welcome bonus)?
Scenario 2. If he clears the the welcome bonus, but then proceeds to lose all his money. Does he get a 1099 Misc, W2g or nothing?
Scenario 3. He clears the welcome bonus and wins 1,000 (playing cash games at 25 NL), does he get a 1099 Misc for 1,000 and a W2g for 1,000?
Join Date: Dec 2007
Posts: 2,474
I could be wrong, because it is a long time since I played on PartyPoker, but I'd be surprised if he ever receives a 1099-anything from them. I've played on probably at least a dozen poker sites and have never received any tax form from any of them. Since PartyPoker is not based in the US, I can't imagine that they have any legal obligation to send out US tax forms. That doesn't mean US players don't have to pay taxes on their winnings - just that they are on their own to do it.
Join Date: Nov 2014
Posts: 1,304
I have never seen a tax form from online poker...
Now winning casino poker promotions is another story LOL. They are quick to get you to fill out a W-9 form for taxing purposes (for example winning a high hand promotion and/or bad bead jackpot etc.)