Americans May be Paying Taxes on Land Based Casino Wins of $600 or More

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Last post made 9 years ago by stringertom
Feelin froggy
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  • Feelin froggy
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  • last active 1 year ago

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  • Feelin froggy
    • Started by
    • Feelin froggy
    • at Mar 09, 15, 11:32:11 AM
    • United States Superstar Member 6049
    • last active 1 year ago

    Thanks for this post from:

    The IRS has proposed that the tax threshold be lowered on all land based casino wins. The proposal would see single wins of $600 or more be taxed rather than the current limit of $1,200. This will result in your machine locking when you hit a single win of $600 or more and you'd have to claim it as income each year. Nothing is final yet and the issue will be discussed over the next 3 months.

    The casinos are being backed by the American Gaming Association, who views the proposal as unreasonable and unnecessary.

  • zuga
    • Replied by
    • zuga
    • at Mar 09, 15, 11:48:08 AM
    • Yugoslavia Admin 8368
    • last active 1 day ago

    Thanks for this post from:

    that is BS if you ask me... Hope it does not get passed....

  • blueday
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    • blueday
    • at Mar 10, 15, 02:02:19 AM
    • United Kingdom Almighty Member 37999
    • last active 2 years ago

    Thanks for this post from:

    It's outrageous that you pay taxes on your winnings as it is and  $600 is even more ridiculous.  I hope it fails.

  • Markotik
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    • Markotik
    • at Mar 10, 15, 06:29:04 AM
    • Lithuania Admin 7456
    • last active 10 hours ago

    Thanks for this post from:

    I hope that the discussion will result in keeping the $1,200 limit, and I think that's already too low anyway.

  • Lipstick
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    • Lipstick
    • at Mar 27, 15, 09:18:48 AM
    • United States Admin 13900
    • last active 2 days ago

    Like we are not already taxed enough between the Federal and State level. The only good thing about that is it can end up being a wash at tax time by showing a loss statement  that can be obtained by each Casino.

  • medtrans
    • Replied by
    • medtrans
    • at Mar 27, 15, 02:25:18 PM
    • United States Super Hero 1359
    • last active 3 years ago

    Like we are not already taxed enough between the Federal and State level. The only good thing about that is it can end up being a wash at tax time by showing a loss statement  that can be obtained by each Casino.


    Seriously?  It's bad enough now at $1,200, but $600?  That is ridiculous.  At table games you can win up to $10,000 without being taxed.  And yes, we can write off losses up to winnings, but only for the IRS.  In Wisconsin you cannot take off your losses and I believe Illinois is the same.  Last year I had 16 signers at the casino and ended up paying $308.00 in state taxes even though I had taxes taken out of almost all the wins.

    What a joke!

    medtrans
  • stringertom
    • Replied by
    • stringertom
    • at Mar 27, 15, 02:30:24 PM
    • United States Jr. Member 69
    • last active 3 years ago

    Thats Bull! We can only hope it makes the machines hit more often since its a lower payout.If land based casinos want to send people online its working! frown

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