WASHINGTON - They're not bluffing: Tax collectors will start requiring poker tournaments to report the winners' take.
Casinos and other sponsors of poker tournaments will be required to report winnings of more than $5,000 to the Internal Revenue Service beginning March 4, 2008, the tax agency said Friday.
Red Dog
10-19-07, 01:31 PM
You mean they didn't have to already?
I played in a Binions poker tournament and finished 3rd (paying about $900). I asked if I had to do a tax form. They said no, but based on the prize amounts, they said the top-2 had to.
Jeremy517
10-19-07, 02:03 PM
Yeah, I'm pretty sure that isn't new. Everyone that I know of that has won a big enough prize has had to fill out the tax forms.
I guess maybe it wasn't a requirement before, but all casinos did it anyways?
WallyOPD
10-19-07, 02:18 PM
I have no idea what the previous regulations were, but Ft. McDowell casino outside Phoenix always had you fill out a tax form for tournament winnings over $1k.
atari2600
10-19-07, 02:30 PM
I had to give my SS # when i won a bad beat jackpot ($1200).
kvrdave
10-19-07, 04:23 PM
They get your info (even at the Indian Casino) for wins of $600 or over. Often, the pot is split by the top people if that will keep the numbers under $600.
Thrush
10-20-07, 01:35 AM
Yet another reason I love playing on the Intarwebs.
El Scorcho
10-22-07, 06:56 PM
It's going to be funny when there's a tournament with a player making $4700 or so tax-free but the player above him makes $5100 and has to pay roughly 40% of it to the government.
mgbfan
10-23-07, 01:23 AM
A whole new meaning to bubble boy.
El Scorcho
10-23-07, 12:34 PM
I actually had something similar happen when I hit my slot jackpot in Reno for $1328. I told the slot attendant that I would tip her the $129 if she could just report it as $1199.
No luck. Instead my $1328 turned into $850 or so. FU government.
Buy: