The Gambler's Tax Guide—How to Protect Your Winnings from the IRS

Make No Mistake, the IRS Wants Their Cut Of Your Winnings · Any gambling winnings are subject to federal income tax · If you win more than $5,000

The current $1,200 threshold was established in 1977 Over time, the effects of inflation have set in and there are more and more jackpots in

casinos in texas with slot machines You cannot claim an overall tax loss for gambling activities, but you can claim losses as an itemized deduction — up to the amount of your winnings (Losses in

diamond strike slot Gambling and Tax Traps · $1,200 or more on a slot machine or from bingo · $1,500 or more on a keno jackpot · More than $5,000 in a poker