i've heard $2000.00 or less, you don't have to pay taxes at all.
2007-02-14 22:18:19 · 12 answers · asked by senorjester@sbcglobal.net 1 in Travel ➔ United States ➔ Las Vegas
You did receive a couple of "partially" correct answers. For slot/video poker machines the limit you can win is $1199.99 at $1200 or more you get a W-2G.
For table games, if the payout is 300 times your bet or more then you get a W-2G...This mainly has to do with games like Carribean stud and Let It Ride >table game with "bonus" bets
There are other ways to "earn" a W-2G in a casino>it's possible in the sports book and even in the poker room(bad beat jackpot) >tournaments etc
2007-02-15 09:39:18 · answer #1 · answered by jack 7 · 1⤊ 0⤋
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2015-01-28 15:51:52 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The casino will give you a W-2G Form for taxes of you win anything $1200 or more. That is why you will see some machines that have $1199 jackpots so you don't have to fill out the paperwork and pay taxes.
2007-02-15 03:33:44 · answer #3 · answered by ozarkgarrett69 2 · 3⤊ 0⤋
If you win a slot jackpot of $600. or less or a table win of that amount also they pay you in cash and you don't have to pay taxes. So if you win several jackpots that total 2 or 3 thousand dollars you are home free. BUT, if you hit a jackpot on a slot that $700 or $800 or more they will need your social security card and have you sign for an IRS form 1099 on the spot before they pay your winnings. They give you all of your winning but also make sure that you know they are reporting the winnings to the IRS.
Luckily I did win $1800 ONCE. and had to do the paperwork.
2007-02-15 00:24:25 · answer #4 · answered by TINKERTOY ..... the 1 & only 7 · 0⤊ 2⤋
The IRS and the Casino's have a love hate relationship. Payouts are recorded. or at least as many as possible.
Taxes are your responsibility.
But the IRS is alerted to any major winings. if you get bells and whistles, when you hit the "jackpot", you can bet The IRS and the cage know about it at the same time.
if you play with the casino club card or whatever they call them, you are tracked and can apply for a win/loss statement from the casino for your income taxes.
2007-02-22 08:08:47 · answer #5 · answered by The Vegas Tourist 3 · 0⤊ 0⤋
Your gambling winnings are considered income, therefore you add whatever you won to whatever you earned working for the year. Taxes are based on the total.
2007-02-14 22:26:26 · answer #6 · answered by Uther Aurelianus 6 · 0⤊ 0⤋
i used to make basketball bets for a lady and she had it figured so that her parleys would not pay over 1,200 i think that was the mark . just dont win over that in one place at one time they will give you paper work to fill out for IRS.
2007-02-14 22:28:34 · answer #7 · answered by Anonymous · 0⤊ 0⤋
I think it's $600 at least in New Hampshire not sure if it varies from state to state
2007-02-14 22:23:57 · answer #8 · answered by Anonymous · 0⤊ 0⤋
ozarkgarr... is corect anything more than 1200 on a slot.
2007-02-15 03:52:02 · answer #9 · answered by smiley21966 3 · 0⤊ 0⤋