Does anyone know about slot machine winnings and IRS?

[WhiteyBulger]

What do you think happens when you hit a slot for over $1200?
an attendant comes to verify
they make sure you didn’t tamper
they make sure the machine didn’t malfunction
they write you a 1099
what would keep a person from giving a fake number to avoid taxes?

ive never hit one
bit I’ve hit plenty of horse races and you need both forms
why would slots be any different

if it’s over 5000 then they automatically withhold 28%
if it’s under you get all the money

 

[Willie99]

People can give a fake SSN, but your ID probably has your correct address. The IRS will notify the casino that your SSN is incorrect, and they're required to withhold 35% after they receive such notification unless you provide a valid SSN.

You can get away with it on a short term basis, although I suppose that loophole for cheating will be closed soon enough. I expect them to be able to verify SSN's immediately soon enough

 

[Willie99]

And the mandatory withholding does not apply to all types of winnings. Oddly enough, it does not apply to slot machines.

 

[cgarn]

If you are a Canadian the IRS will take 1/3. I had to file returns for clients to get their taxes back

 

[Knightrofins]

I actually just double checked. I didnt see a W2G for less than $1,200 from the Seminole Indians and didnt see a W2G for less than $1k from the Florida Lottery

 

[KennyB]

1200 on slots and video poker.

 

[niltes]

as long as you give a valid ID, they can or most likely will be able to
connect that to a valid ss#. if you do not provide a social security card,
then you will be filling out a form that gives them your ss#. filling that
form out incorrectly with intent to defraud the US government is probably
committing one if not multiple felonies. remember casinos almost always have
cameras and usually have facial recognition software. even if the casino
accepts a fake id and a bogus ss#, the IRS might still be able to track you
down. the IRS ignores you if you are a loser or a small winner, but if you
make a score they want to and are legally entitled to be your partner.

 

[clowncar]

You can write off losses up to your winnings. There is no need to lie, or lie in the manner you guys are talking about.

I have played and hit jackpots in kost states. My experience has been the same across all entities, $1,200 for a tax form and has to be on a singular "game". Accumulated credits to $1,200 does not result in a taxable.

 

[Knightrofins]

You can write off losses up to your winnings. There is no need to lie, or lie in the manner you guys are talking about.

I have played and hit jackpots in kost states. My experience has been the same across all entities, $1,200 for a tax form and has to be on a singular "game". Accumulated credits to $1,200 does not result in a taxable.

It can still affect your taxes in many ways

 

[niltes]

one must itemize to take the deduction against winning, unless one is a professional
using schedule C. also having a large gambling income and writing off large losses
does affect other aspects of ones tax return.

 

[bigwang]

I hit some video poker jackpots in Vegas and they asked for my ss# and had me sign a w-9 form to verify the # since i didn't have my actual ss card. Some other states have lower tax thresholds from what I understand. My brother was in Mass and I believe he said the threshold was $600 to sign a tax form on machines