Never been that lucky...

How much do you have to win to have to pay taxes on it? I know I%26#39;m probably not the only person who has asked this, but I couldn%26#39;t find it searching through the forum...

Never been that lucky...

It depends on what your playing. What mode of gambling did you want to know about?

Never been that lucky...

I won $1200 on slots once- which I was told is the minimum win that you need to report on your taxes :(

I won the money in January 2000- so by January 2001- I had all but forgotten about the money that was loooong gone. Bally%26#39;s didn%26#39;t, as they promptly sent me the proper tax forms...

BTW this was in Atlantic City, AND it was a few years ago... but i shouldn%26#39;t think it%26#39;s much different now.

and i%26#39;m not sure about anything other than slots.

On slots and video poker, you have to win $1200.00 or more (single win not cumulative) in order to receive a W2G form -which is taxable gambling winnings.

Slots was mostlly what I was curious about. I was looking at the earlier post about jackpots and started wondering. I play such low-limit poker that I%26#39;m not really worried about that. But slots have the potential to pay out quite a lot unexpectedly!

So if it%26#39;s 1200 over, say 3 days and several payouts, they can%26#39;t tax it?

I did see a few slots when I was there in Nov 2006 that advertised a $1,199 jackpot. This is probably so you wouldn%26#39;t have to pay taxes if you hit it.

Sister Dino,

It%26#39;s $1200 at one shot. If you%26#39;re playing a machine and win $1200 and want to cash out, they%26#39;re going to make you pay tax on it. If you decided to play it down a little, you won%26#39;t have to worry about it. I won $1250 on a 25￠ video poker machine once, and had to give them all my personal info so they could send me the tax form. Another time I won over $1000 on a penny slot, and I just cashed in the pay out ticket at one of the machines with no trouble.

Last time I was in Atlantic City, I was behind a man in line at the machines that pay off the tickets who had 5-6 different tickets to cash in--all of them were pretty large sums (hundreds of dollars), but none were over $1200 so I guessed he was doing it to beat the taxman.

:-)

Slix

Thanks for all the info so far. I don%26#39;t go in expecting to win that much, of course, but it%26#39;s good to know the consequences!

Sister Dino,

Trust me, I had no expectations of winning that much either, especially on the video poker! I barely know how to play the game. I just noticed that I had 4 clubs and knew if I got all clubs I%26#39;d win. Turns out that when the 5th club turned up, it gave me a Royal Flush! Then it was asking about ';double down'; and my husband%26#39;s yelling, ';Don%26#39;t touch anything!'; in my ear. (He knows how to play poker, while I don%26#39;t.) LOL...It%26#39;s a great memory, I can tell you.

Breaking the Fort Knox platinum level on the penny machine in Atlantic City on my birthday, just hours before they closed the casinos for a week, was another great surprise.

I never expect to win, but good things happen when you least expect them.

Good Luck!

:-)

Slix

software