$8500+ in Miscellaneous Income from one casino....WTF???

Just opened the 2011 tax statement from one of my boats (in fact my only boat, as the other one went land-based). It lists over $8500 in miscellaneous income, which is thousands more than any previous statement I have ever received from any casino.

Haven't checked the number against my own records yet, but the only thing I can think of capable of such an increase would be cashback...which would probably account for the increase. Is this a change in how the Feds define miscellaneous income? Do they now include cashback as miscellaneous income, while they didn't in previous years?

Looks like the Feds are going after every last dime they believe is taxable, read recently that one one the big banks is sending out statements for frequent flier miles awarded. So, appears that the free(?) ride is over. Perhaps one of our tax experts here can give you a definitive answer, but it doesn't look good.

I did not receive a 2011 1099-MISC for my cash back.

Although not required, the 1099 does allow for explanations/notes. You might read any accompanying material closely. In addition, I believe it is your right to request a proof or breakdown from the sender of the form.

Did you win any tournaments or drawings? Those would generate a 1099.

Sounds strange ..........

I wonder if they are tracking and adding up everything that you won,
and by everything I mean 5 quarters ($1.25) for a pair of Kings, 125 quarters ($31.25) for a Deuces Wild Royal.

Or maybe they have a way of tracking the TITOs,
and over the year of cashing $100 here and $378 there, ... it all added up to $8500.

After all, anything and everything that you win during the year is considered income.


Just a thought.

Rick

Moral of this story- don't gamble on the boats.

We take the boats out of Myrtle Beach on a regular basis, when I asked about getting a win/loss they said, [No] "... we operate in federal waters..."

Still haven't gone through my records, but know that I didn't get that much miscellaneous income unless they did include cashback. Another possibility is that they might be tallying my comped rooms. (This form came from the casino where I stay; usually my MISC-1099 comes from the boat where I gamble. They are sister properties.)

Will have to go through my records. Also need to ask around to see if any fellow gamblers got a sharp increase in their miscellaneous income. If all else fails there is a phone number on the form that I can call.

I won some $ in a drawing at my local Indian casino last year and just received a 1099-MISC for that exact amount. However, at the time of the drawing when I collected the $, they gave me a W-2G. So now it looks like I won twice as much as I actually did - what's the story on that??

fredo

They gave you a W2-G and then realized it was not W2-G. You're going to have to contact them and ask them to correct one of the forms. Have both forms in hand. It would probably be best to go down in person.