If I win $8000 at blackjack but won less than $1200 a hand, do I get a 1099?

Question

If I win $8000 at blackjack but won less than $1200 a hand, do I get a 1099?

Answer 1

We all deserve to be a BJ winner....nice job

My understanding was anything you cash in over 600 requires IRS paperwork.

Answer 2

The $8000 is yours on a table game as long as it isn't a jackpot situation. I hit a high hand jackpot Royal Flush in a $2-4 holdem game for $895. In poker the low limit is $600 for a jackpot for a 1099. I just got mine.

Answer 3

No, you do not get a 1099 and no taxes are withheld.

The $1,200 limit, as already indicated, applies to slot machines.

the $10,000 figure mentioned is not for tax reporting or a 1099, although the IRS may get the information. Federal law requires any cash transaction over $10,000 within the same day be reported to control money laundering. So all of these should create a report:

o Buying a car and paying for it with $12,000 in cash

o Buying $12,000 worth of chips at a casino

o Depositing $12,000 in cash at a bank

o Withdrawing $12,000 in cash from a bank

o Cashing out $12,000 worth of chips at a casino

Answer 4

I believe the rule with table games is that you have to win a bet that is 100:1 odds or higher in order for the casino to report you to the IRS.  the $1200 rule applies only to slots, and then only if you hit a jackpot.

Single transactions of $10,000 or more will also get you paperwork.

That being said, technically, you are still supposed to declare any winnings as income on your next tax return.