[vpFREE] Re: LVA Question of the Day - 30 AUG 2010

I agree with the concept on won free play, but figure you will get hit with the prize tax. However, you could perhaps show much of it as a loss after getting your end of the year win/loss figure.

I have also been usually paid in playable casino chips when placing in a casino run BJ tourney with no paper work required..... and Bam, I usually did get the next year tax hit for a prize over $600. Regardless if played I them off or not.
Though the amount arguably would be equal or less than a regular table buy in . Cerainly less than any IRS required taxable recordable amount

I usually have to go the cage and sign with ID for any amount in cash for a slot/vp tourney- even for $50 and less. I do not think this shows up in my yearly won loss statement- only coin in and out on slots/vp, plus table buy ins and estimated won/loss

I do now notice that many casino slot tournies are paying in free play- but it seems mostly in the lower tiers

--- In vpFREE@yahoogroups.com, "irdd3000" <irdd@...> wrote:
>
> My impression is that winning free play should not generate a tax form, but any winnings are simply added to you win/loss statement at the end of the year from that casino. As opposed to winning cash, which generates a tax form immediately.
>
>
> --- In vpFREE@yahoogroups.com, "vpFREE Administrator" <vpfreeadmin@> wrote:
> >
> > LVA Question of the Day - 30 AUG 2010
> >
> > Q: I received an invitation to a contest from a casino in
> > which the top prize is $5,000 in free play. Is that
> > considered income for tax purposes? Will I be required to
> > fill out a 1099 tax form if I win?
> >
> > Read the answer here:
> >
> > http://www.lasvegasadvisor.com/qod.cfm
> >
> > <a href="http://www.lasvegasadvisor.com/qod.cfm">
> > http://www.lasvegasadvisor.com/qod.cfm</a>
> >
> >
> > NOTE: vpFREE access to the Question of the Day link has
> > been approved by LVA and expires after the current day
> > for non-LVA members.
> >
> >
> > *************************************************
> > This link is posted for informational purposes
> > and doesn't constitute an endorsement or approval
> > of the linked article's content by vpFREE. Any
> > discussion of the article must be done in
> > accordance with vpFREE's rules and policies.
> > *************************************************
> >
>

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