Great news for cash jackpots!
Cash jackpots being paid from a promotional pool that is funded by players is now considered a wagering pool by the IRS.
What does this mean for you?
When you hit a cash jackpot at the TI that is $600 or more you will receive a W2-G instead of a 1099-M as it is now considered gambling winnings. This means you have the ability to counter your jackpot wins with gambling losses!
When you receive 1099-M's it is treated as income and you are not able to deduct gambling losses.
So come on down to the TI and hit those Quads, Straight Flushes, and Royal Flushes and don't forget that from 4am to 11am in N/L games ($1/$3 and up) and Limit games ($4 & $8 and up) the Quads are worth $200 each and Straight Flushes are worth $500 each!!!
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Thursday, March 6, 2008
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