GROSS WINNINGS--A payer of gambling winnings must report any winnings over $600 on a Form W-2G. Any person receiving a payment with respect to a wager in a sweepstakes, wagering pool, lottery, or other wager (including a parimutuel pool with respect to horse races, dog races, or jai alai) makes a statement to the payer of those winnings upon the payer's demand. A racetrack is required to furnish the IRS only the names of recipients of payments of $600 or more. Payment of gambling winnings of $1,200 or more from bingo or slot machine play or $1,500 or more from keno games must be reported. Nevada gambling casinos must file information returns for bingo and keno payoffs of $600 or more. There is no underlying asset account. The money field is positive.

ADDITIONAL WINNINGS FROM IDENTICAL WAGER--An identical wager is more than one wager on the same exact thing (for example, two $2 bets on a particular horse to win the same race). All identical wagers are aggregated to determine if the total amount is more than $1,000. There is no underlying asset account. The money field is positive.