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Winning a Poker Run..........and Taxes

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Old 01-08-2004, 01:51 AM
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Originally posted by insptech
Gee, I was not aware that cash was exchanged at poker runs
For me, only when I pay my entry fee.
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Old 01-08-2004, 05:22 AM
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I couldnt win even if I was the only one to sign up!
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Old 01-08-2004, 06:06 AM
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I was always told that gambling money won on the tables was not taxed

I have been taxed on slot wins over $1000 but never paid a penny on my table winnnings...I have seen my friends get paid almost $100,000 in cash and all they did was pay up and say "have a nice day".

They also took his casino card and entered it into their computer and when I asked the lady payinghim she said"Tables games are not taxed"...This was in LA at a riverboat and Coushatta which is an Indian casino.
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Old 01-08-2004, 07:03 AM
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The problem with gambling on tables is that they do not know how much you have lost in order to make that winning. Very hard for the Gov to determine gambling wins and loses playing table games.

The poker run thing is a much different story. Someone walks away with money for simply being the lucky winner just like a lottery....should be taxed. Organizers should be very careful . If paid out in cash, there is less likely the chance of tracing it but still...
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Old 01-08-2004, 08:03 AM
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Quote:
Originally posted by 105mph_38_2003
I was always told that gambling money won on the tables was not taxed .
I've had to pay taxes on the spot once at a horse track in Florida, if I remember it was because the payoff was over like 100 times the wager, had to fill out tax forms and that was when I lived in Montreal and was not a US resident or citizen.
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Old 01-09-2004, 07:03 PM
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What about Smoke on the Water......or Florida PowerBoat Poker Run........or New Jersey Runs????
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Old 01-10-2004, 09:50 AM
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ttt
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Old 01-10-2004, 10:14 AM
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Thanks Nort, now the IRS will be monitoring OSO
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Old 01-10-2004, 02:06 PM
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I've won money several times, but no 1099.
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