Casino winnings (Not about taxes)

[Laughing Angel]

Talisker92, let me get this straight--there are different levels/methods of reporting for each form of wagering? I'm surprised...I thought it was a matter of just straight up taxing the winnings.

Edited February 5, 2015 by Laughing Angel

[chloemonkey]

Do they send you a 1099 at the end of the year if you win a large prize? If not then how would the IRS ever know. Depositing cash in large amounts at your bank raises flags but there is no problem with a check.

 

NCL and Carnival have always handed us 1098 forms as soon as they hand you the cash....and you do need ID and Soc Sec #....not sure how they would handle it if you did not have this info?

 

Azamara did NOT hand out the 1098 forms when we won on those cruises.....although those were in Europe so not sure that that made a difference?

 

Anyway.....you are not going to get away with the IRS not knowing.....most of the cruise lines DO indeed file the forms that show that they paid you the money....and these forms are handed out at anything over $1200 or $1250....not sure exactly which amount.

 

I have just been going through all of ours in preparation for income tax planning and also have inquired with all lines and casinos visited this year for our win/loss statements as you can offset winnings with losses...

[trev71]

1099 ??

 

being Canadian I am not sure what we would do if we won money on a cruise or in the Usa ? I Know here in Canada if you wont the lotto or won money playing slots at a casino you dont have to pay anything on it

[jocap]

1099 ??

 

being Canadian I am not sure what we would do if we won money on a cruise or in the Usa ? I Know here in Canada if you wont the lotto or won money playing slots at a casino you dont have to pay anything on it

No, Canada is one of the countries where you don't have to pay taxes...or didn't, unless rules have changed. This might answer in part the previous poster who mentioned Azamara in Europe...several countries there have tax free prizes, and each country has slightly different rules, so it would be difficult for a cruise ship to hand out the right forms. In the UK, I believe that tax is taken from the original stake rather than the prize money- but how that works at sea I don't know.

[Talisker92]

Talisker92, let me get this straight--there are different levels/methods of reporting for each form of wagering? I'm surprised...I thought it was a matter of just straight up taxing the winnings.

This was copied from the IRS website.

[GUT2407]

NCL and Carnival have always handed us 1098 forms as soon as they hand you the cash....and you do need ID and Soc Sec #....not sure how they would handle it if you did not have this info?

 

 

What if the winner isn't from USA so doesn't have Soc Sec #

[SewMuch]

Help! Help! My no taxes thread got hijacked by H&R Block!

[CallyCruzer]

I won the last day bingo on a Princess Ship - they gave me the money in cash and the tax form to use for tax filing.

[NMLady]

What if the winner isn't from USA so doesn't have Soc Sec #

 

Another country would not get US tax forms. Maybe some other kind but not the kind US residents get.

[jocap]

What if the winner isn't from USA so doesn't have Soc Sec #

Canada, Australia, NZ, UK amongst others don't pay tax on winnings.

[alreadypacked]

Help! Help! My no taxes thread got hijacked by H&R Block!

 

Ugh! After reading this thread, I went back and read your original post, OP...

 

Yes, this thread went off in another (I think, unintended) tangent!!