# Sweepstakes prizes and taxes: organize the records first

Keep the source, tax year, amounts received and forms separate from a coin balance.

By Casimo Research. Explanatory guide; not a first-person casino test.

## Use the relevant tax year

Information-reporting thresholds and tax rules can change. A form threshold is not a general rule that income below that amount is tax-free. The correct treatment depends on the facts and applicable guidance.

## Record what actually happened

Keep purchase records, promotional entries, redemption requests, payments received and any forms issued. Do not assume a promotional coin balance equals taxable cash received, or that every sweepstakes operator uses the same reporting form.

## Export a factual journal

The private Coin Journal can export your own entered records. It does not calculate your tax liability or decide the legal classification of an operator’s product.

## Sources
- [IRS · Publication 525](https://www.irs.gov/publications/p525)
- [IRS · gambling income and recordkeeping](https://www.irs.gov/taxtopics/tc419)

Canonical: https://casimo.org/learn/sweepstakes-prizes-tax-records