why does the casino ask you for your id when cashing in your money?

3 ⤊

why does the casino ask you for your id when cashing in your money?

2006-10-31 09:09:30 · 3 answers · asked by hello2343 1 in Business & Finance ➔ Taxes ➔ United States

3 answers

So that they can withhold taxes from your winnings and report what you have won on a 1099G form

2006-10-31 10:35:43 · answer #1 · answered by waggy_33 6 · 1⤊ 0⤋

Any cash transation of $10,000 or more, even if no winnings are involved, must be reported to the government. In addition, as others have said. Any winnings above $600 must be reported on a W2-G. (a 1099-G is for certain government payments).

2006-10-31 12:49:20 · answer #2 · answered by STEVEN F 7 · 1⤊ 0⤋

So they can report your winnings to the IRS and make sure you report it and pay taxes on it. FOLLOW THE MONEY.

2006-10-31 11:03:13 · answer #3 · answered by acmeraven 7 · 1⤊ 0⤋