When are winnings at a casino reportable to the government by a form?

Question

Are there differences between blackjack and slots? How do they know how much you put down on the table (or intothe machine) to start with?

Answer 1

For the most part, table games are not taxable unless you attempt to cashout for more than $10,000

Slot machines are taxable or $1200

Local and state laws determine other tax cutoffs

Answer 2

You have to pay taxes on winnings, and the casino or betting shop should deduct tax from your payout - if it is more than a set limit.

If the winnings are more than:

- $600 at a horse track

- $1200 at bingo or a slot machine

- $1500 at keno

- $5000 at poker

Then the payer should report the SS number of the winner, and deduct 25% from the payout. They should also give you a Form W-2G, showing the total winnings and the amount deducted up front.

All winnings need to be reported by you on Form 1040 - check line 12, Other Income.

You can offset your losses though - line 28, Other Miscellaneous Deductions, on Schedule A. You don't have to meet a certain level of losses before you can claim, but you can only claim losses up to the total amount of your winnings.

So if you lose $800 before winning $1000, you would still end up paying tax on $200 of winnings.

Answer 3

All gambling winnings are taxable.

Answer 4

The only time I have ever reported is when the casino made me fill out a form.  They made me fill out a form because the payout on the machine (slot) exceeded a certain $ amount and they wouldn't give me the money until I did (I hit one below the big jackpot).  I don't know how blackjack works as far as this goes... I don't play blackjack.