how much do you have to win?

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how much do you have to win?

when gambling to have to sign irs forms at a horse track.

2007-01-24 04:31:52 · 2 answers · asked by GI 5 in Games & Recreation ➔ Gambling

2 answers

I believe the federal law for IRS purposes is any win $1,200 or more must be reported. This is why many slot machines have a top payout of $1,199. State laws may differ.

2007-01-24 04:46:06 · answer #1 · answered by jonmm 4 · 0⤊ 0⤋

In Illinois I think it's $500 or more. I was with a guy that hit a perfecta for $460 and walked away clean. I hit a trifecta for $980 and had to sign a 1099 form.

Maybe someone else knows for sure.

2007-01-24 12:42:41 · answer #2 · answered by sean1201 6 · 0⤊ 0⤋