Taxes on Winnings - Las Vegas Forum

The current $1,200 threshold was established in 1977 Over time, the effects of inflation have set in and there are more and more jackpots in

Taxes on Winnings - Las Vegas Forum The withholding rate is 5 percent Reporting is required for slot machine winnings of $1,200 or more and pari-mutuel winnings of $600 or more, provided that the

The current $1,200 threshold was established in 1977 Over time, the effects of inflation have set in and there are more and more jackpots in

ap sadarem slot Winnings from lottery and gambling activity must be reported on your tax return and are fully taxable by the IRS and most state governments The

For slot machines, the Service further requires that a taxpayer record all winnings by date, time and slot machine number But

taxes on slot machine winnings What is form W-2G? · 1 $600 or more in earnings; · 2 $1,200 or more in earnings from bingo or slot machines; · 3 $1,500 or more in earnings from

You cannot claim an overall tax loss for gambling activities, but you can claim losses as an itemized deduction — up to the amount of your winnings (Losses in