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Form 1099 For Prizes Over $600?
I run a home game of up to 16 players on two tables in Massachusetts. No rake, no house fee. Usually first place will win anywhere from $100-$500 depending on the turnout of players, the buy-in, etc.
This is tournament style, not cash ring games. I'm running my first $100 buy-in event where first place will wind up receiving $800-$900, and someone mentioned that any gambling winnings above $600 require a form 1099. I was wondering if anyone has experience with this type of issue. I want to keep my home game running without it being busted for anything illegal or incorrect. I thought that with tournament events unless the payout was something like 300 times the buy-in, there weren't supposed to be taxes? |
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