What Taxes Are Due on Gambling Winnings?
What Taxes Are Due on Gambling Winnings?
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The IRS requires casinos to report slot machine wins of $1,200 or more When you win such a jackpot, you'll receive a W-2G form along with your
Category 4 casinos have a 50 percent tax on gross revenues from slot machines and an additional 4 percent slot machine taxes if it can be proved the player This publication provides general information and is not meant to be a substitute for tax laws or regulations At least $1,200 from bingo or slot machines, or
co lottery On the other hand, if you win money through a slot machine or table game, the casino will issue you a W-2G form, and the winnings will be taxed Taxes on gambling winnings: You might get a Form W-2G · For bingo and slot machine winnings, the threshold is $1,200 · For keno winnings, the threshold is $1,500
