Cruise ship gambling wins-the Official word.

[DON M.]

Recently on this board, there has been dicussions about the cruise ships having to issue a W2G for slot wins over $1200. After much searching, I found this from the web site of "Casinos at Sea".

"The Federal goverment tax act stipulates that all American citizens are subject to global income tax. A W2G is issued on $1200 for slots or 300% return on a single table wager(ie, Carribbean stud jackpot).

This article says nothing about Bingo, but a subsequent e-mail to an author and national writer on this, does say that bingo is included in the law.

Consequently, if people are being paid jackpots from bingo and slots without getting a W2G form are the cruise ships breaking laws that could result in penalities? I will try and find out.

[JDee]

Believe that the Federal Law requires that the applicable tax form be provided on or before January 31. If the form is not issued during the cruise, it may be mailed to meet the required statute.

 

Have done some volunteer tax prep for AARP and have come across a few filers who were unhappy receiving those forms from Miss. casinos via mail. What really ticked many of them off, the casinos were required by Miss law to withhold Miss. state income tax. That in turn created another paper shuffle. Had to get Miss state tax forms to claim a refund, since these were FL residents. At the time of receiving their winnings, they questioned why the tax w/h, and were just told Miss. law & to claim a refund when their tax form was rec'd.

 

Thanks for taking the time for the research and the posting.....good info.....

 

Happy cruising....

[PhoenixCruiser]

NO, stop your research, I want to take the $$ and run :D :D

 

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