Biggest Cash All Time
Number of cashes
Two questions... 1) When receiving a 1099-MISC from a casino for poker related winnings (bad beat jackpot, in room promotions) are those earnings able to be offset with losses the same as W2-G earnings from that same casino? 2) If we already accounted for our FTP money in 2011 (the year it was earned) and that amount was reflected in our taxable income for 2011, do we need to do anything else as far as reporting this again or stating that those funds were already accounted for? That brings me to a part 2 for online earnings, to go along with that, I was under the impression that big wins online would be best to be reported as they happened, and not when the physical cash is deposited into your bank accounts. Can you shed some light on this especially when large cashes happen at the end of a calendar year and the money won't be in your hands until the reporting year is concluded. (And also would apply to the Black Friday situation if you had money you were going to pull out or tried to pull out but never actually received).