by Wiseguy » Mon Aug 15, 2022 3:02 pm
rphillips wrote: ↑Mon Aug 15, 2022 4:15 am
do you have to pay taxes on over $600 in winnings? ive been to twin rivers in rhode island apparently not in rhode island a friend won 2gs cashed ticket no problem is it the same in ny nj other states?
$600 or more the gambler should get a 1099 or W2-G from the sports book. The IRS should also get a copy. On payouts of $5,000 or more most casinos will withhold federal taxes from winnings.
[quote=rphillips post_id=235817 time=1660562145 user_id=5234]
do you have to pay taxes on over $600 in winnings? ive been to twin rivers in rhode island apparently not in rhode island a friend won 2gs cashed ticket no problem is it the same in ny nj other states?
[/quote]
$600 or more the gambler should get a 1099 or W2-G from the sports book. The IRS should also get a copy. On payouts of $5,000 or more most casinos will withhold federal taxes from winnings.