Gambling winnings from church event

Technical topics regarding tax preparation.
#1
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298
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2-May-2014 8:21am
Location:
Missouri
Got a call from a church's bookkeeper asking how to report gambling winnings (one was $1500 and one $10,000) that were over $600 but less than 300 times the wager since it wouldn't qualify to use the W2G.

New one for me and didn't find much in short research but hoping someone could help me get her an answer soon.

Thanks,
Jim
 

#2
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1374
Joined:
22-Apr-2014 9:07am
Location:
Chicago, IL
Gambling activities starts on page 18

https://www.irs.gov/pub/irs-pdf/p3079.pdf

Are you sure they even have a filing requirement?
 

#3
Jake  
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1393
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12-May-2014 3:19pm
Location:
Columbus, Ohio
For what it's worth - A few years ago when I worked as a volunteer at our Parish Bingo my memory is that they reported winnings of $1,200 or greater. And that applied to the bingo game and to those rip off cards. I also had a friend who won a $5,000 raffle at the Parish Festival. They issued him a 1099. So I think Charities are NOT exempt from filing/reporting. [A side note of interest - when Ohio legalized Casinos and later Racinos (slot machines only) the attendance at Charity Bingos dropped to the point that many discontinued them. In our Parish the peak was nearly $250,000 a year profit that was used to operate the Parish School and help keep the tuition fee down. Now the state and the casino operator are taking that money. Unfortunately the cut of casino profits that were supposed to go to Ohio's public schools has fallen way below projections]
 


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