![]() $5,000 or more in poker tournament winnings (minus the amount you bet or buy-in price)Īll of these require giving the payer your Social Security number, as well as filling out IRS Form W2-G to report the full amount won.$1,500 or more in keno winnings (minus the amount you bet).$1,200 or more at a slot machine or bingo game.$600 or more at a horse track (if that is 300 times your bet). ![]() ![]() Winnings in the following amounts must be reported to the IRS by the payer: It’s important for you to know the thresholds that require income reporting by the payer. Here is what you need to know about how gambling affects your taxes : How Much You Win Matters ![]() As is often the case, federal and state governments single out casino winnings for unique taxes of their own. Most people don’t think about taxes on their way to a racetrack or casino, but what might seem like nothing more than the chance to win some extra money actually has some tax implications. ![]()
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