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

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    Last post ago almost 2 years by stringertom
    Archnye

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      • Archnye
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        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.
      • Me
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          admin
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        • Archnye
        that is BS if you ask me... Hope it does not get passed....
      • Index
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        It's outrageous that you pay taxes on your winnings as it is and  $600 is even more ridiculous.  I hope it fails.
      • Flapjack
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        • Archnye
        I hope that the discussion will result in keeping the $1,200 limit, and I think that's already too low anyway.
      • Putting on lipstick emoticon 1
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        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.
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        lipstick_xoxos wrote:

        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
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        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!

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