I can't remember this....at what dollar amount do they have to give you a 1099 when playing slots?

$1200
I think you mean a W2-G
If you hit a jackpot for 1199.99, don't let them round up, even if they say it's thier policy! MSS had tried this one time and I refused to take the 1200, I only wanted what I won!

Lee - That is interesting about them wanting to round up from $1199.99 to $1200. Normally, rounding up is a good thing! But, in this instance, it would have really cost you big time in taxes.

We go to Harrahs in Tunica frequently. They always used to round up to the next dollar when paying any hand pay on machines of any demonination. In January, I won a jackpot of $514.34 (or something like that). I was expecting the normal $515 from the attendant. Instead, he have me the exact amount I had won. I asked about why they were doing this. He said that they started at the first of the year and the reason was that their accountants figured paying the actual amount won instead of rounding up would save the casino about $100,000 a month. I thought that was an amazing amount they would save just by keeping a few cents on each handpay.

I remember a few years back @ the IP winning a jackpot that paid $1199, and the person made a sly comment about I much I lost by not playing the 2 coins max. However the same person hand paid me the third time that evening. He deceided that I wasn't so dumb, cuz I had won $3597 tax free. (besides I would have run out of coins before I hit each time if I had been playing 2 instead of 1)

Here's one for you.

You're playing a Dollars VP machine. Betting $5.00 per hand. You hit a hand worth $1,200. Should you get a W2? Did you WIN $1,200 or $1,195 ($1,200 - $5.00)?

Jeff,
It's my understanding you'll get the W2-G!

Jeff,
You would get a W-2 no matter how much you put into the machine, at the tables it's $10,000 for a W-2. I know it's a different amount if your from another country.

Lee:
Thanks, and yes I meant a W2-G. It was 6:30 EST and I wasn't thinking clearly yet!!! I knew what I meant, but it didn't come out right.

Can you tell I'm anticipating my upcoming trip?
Just sure I'm going to hit a big one!!

Susan

Susan,

Seriously, that's a good question. I try to avoid playing quarter, progressive VP with jackpots just over $1,200 for just that reason.

Senator, I hit $3000 playing Keno and they filled out my W-2G with $2997 since $3 is what I spent on the original bet ticket.

However, we have hit VP jackpots in the past that show the total amount won on the W-2G, without any deduction for the bet amount.

We also try to find the VP jackpots that are either under $1200 or high enough that we don't mind the W-2G, something over $1700 or $1800. And there's no reason why we pick those figures...
kind of like our own set of rules, our personal comfort levels.

Itch,

That's really a pretty good number. Most progressive's are short pay machines. They don't become positive until about the numbers you mentioned.

Getting a W2-G for $1200 or slightly more should not be a problem when filing your income taxes. You can easily claim the same amount in gambling losses without raising an audit flag. We have done this a few times with the W2-G's that we have received and never had a problem with an IRS audit.