Do You Report Casino Winnings
November 01, 2017
- All casino winnings are subject to federal taxes. However, the IRS only requires the casinos to report wins over $1,200 on slots and video poker machines or other games such as keno, lottery or horse racing. When you have a win equal to or greater than $1200, you are issued a W-2G form. This form lists your name, address and Social Security number.
- These are all possible reasons why your bonus and winnings were removed by the casino. So, if you want to avoid such unpleasant situations, better do the necessary and don’t share an address, IP or any other personal detail with another player in the same online casino. Did you stick to the max bet rule?
- Do I have to report gambling winnings to Social Security Disability I applied for Disability when I lost my job in March 2012. I was not eligible to receive it until August of 2012.
For most prizes over $600, a W-2G – for certain gambling winnings – will be issued showing the amount of your winnings and the amount of tax, if any, that was withheld. Even if you do not receive a Form W-2G, you will still need to report the amount of your prize on your federal and state tax returns.
Have you recently won some cash at the casino or racetrack? Congratulations! While it is very exciting, keep in mind there are tax implications and you should be prepared to pay federal, state and local income taxes on the winnings.
You can anticipate that the casino or other party that provides the payout to give or send you a Form W-2G. The information reported on this federal form includes the date you won, the reportable winnings, type of wager, federal and state taxes withheld and other details about the transaction.
Do You Have To Report Casino Winnings
You will file a W-2G if you won money from any of the following sources (please note, the list is not exhaustive):
Can You Claim Casino Winnings
- Horse/dog track or off track betting
- Jai-alai
- State-conducted lottery
- Keno • Bingo
- Slot machines
- Poker winnings
- Any other type of gambling winnings
Keep in mind, even if you win money at a charity event that is hosted by a church or other type of non-profit organization, those winnings are taxable. If you paid money to participate in the event, such as purchased cards for a game of bingo at your church, you cannot claim the funds you spent as a donation to a non-profit organization when you file your income taxes.
If you find yourself on the losing end of a game of chance, you may wonder if you can report a gambling loss on your tax return. Generally, it is not allowable, but there are exceptions. It is advisable that you consult with a tax professional if you find yourself in such a situation or have questions.
Big Casino Winners
For rules, laws and other information pertaining to gaming in Indiana, visit the Indiana Gaming Commission website at http://www.in.gov/igc/.