Any and all gambling winnings must be reported to the IRS. Note that this does not mean you are exempt from paying taxes or reporting the winnings on your taxes. W2-G forms are not required for winnings from table games such as blackjack, craps, baccarat, and roulette, regardless of the amount. Not all gambling winnings in the amounts above are subject to IRS Form W2-G. In most cases, the casino will take 24 percent off your winnings for IRS gambling taxes before paying you.
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.
