My father in law went to the track and won't tell us his winnings but said they were "big". He did however say that they mad him sign some IRS forms . How much would you have to win before they would require you to do this?
2007-01-24 04:40:55 · 5 answers · asked by GI 5 in Business & Finance ➔ Taxes ➔ United States
1. $600 or more in gambling winnings and the payout is at
least 300 times the amount of the wager (except winnings
from bingo, keno, and slot machines);
2. $1,200 or more in gambling winnings from bingo or slot
machines;
3. $1,500 or more in proceeds (the amount of winnings
less the amount of the wager) from keno; or
4. Any gambling winnings subject to federal income tax
withholding.
2007-01-24 04:46:09 · answer #1 · answered by clam001122 4 · 0⤊ 1⤋
$600 I think. I'm not sure, so the person who said 500 could be right. It's something like that, doesn't have to be in the thousands.
2007-01-24 13:18:35 · answer #2 · answered by Judy 7 · 0⤊ 1⤋
it's usually $499.00 or more in order to be signing a 1099 form which is what he probably signed.
2007-01-24 12:44:05 · answer #3 · answered by Suzy 5 · 0⤊ 1⤋
legally over $1000.00,. here come the i.r.s.,.
congradulations,.,.,.,...,..,big spender,...,.
2007-01-24 12:49:43 · answer #4 · answered by Anonymous · 0⤊ 0⤋
5,000
2007-01-24 12:43:33 · answer #5 · answered by HeadAche 3 · 0⤊ 1⤋