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The IRS - Stricter regulations on gambling winnings

the irs - stricter regulations on gambling winnings

Over recent years the IRS has been trying to lower the limit for which gambling winners would have to pay taxes. Strong opposition has been encountered from most casino operators and supporters. The IRS has officially announced their reconsideration of gambling rules in March of this year and surely this news has not been well-received by supporters.

Instead of raising the casino reporting rules, first established in 1977, the agency is looking to cut them in half. With the current reporting rule capped at $1200 and higher, the IRS wishes players to report winnings of $600 and over, a dramatic change from the conventional norm.

A W2-G form is currently in effect to be filled out by such winning gamblers if they are successful at winning a true odds video poker session, racetrack slots games, bingo or any at Native American casino. Revenues of $1500 and over earned from playing Keno must also be reported through the use of the same form.

If you happen to win a minor jackpot at any of the mentioned gambling games, the machine will go into lockdown mode and the winner will have to wait until a casino employee comes to help them fill out the aforementioned form. Opinions were voiced at a June 2nd meeting and further debate will take place on July 17th at a hearing in Washington DC.

The IRS agency is not currently making any statements regarding the decision to change casino reporting rules although opposition are said to come up with various alternatives to keep this significant switch from happening.

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