slot machine winner las vegas casino jackpot

Tax professionals often recommend keeping a log of gambling activity to include dates, games played, and profit/loss over the session so that you have a record of your activity over the year.Īlthough the IRS wants a cut of ANY gambling win (whether big enough to generate a tax form or not), most recreational gamblers don’t keep a detailed record of their wins/losses for tax purposes (tisk, tisk, tisk). There’s no special gambling income tax rate It’s simply treated as income, just like that earned at your day job. Gambling wins are added to your income and taxes are paid at your marginal rate. If you profited, even $5, the IRS wants their cut. That goes for any type of gambling income you earn whether on the slots, table games, lottery tickets, horse racing, or a friendly bet with your neighbor Jim.

When do you need to pay taxes on gambling wins?

Seek professional help if you need real-world or situational advice. Keep in mind, I’m a Vegas aficionado, not an accountant. My intent here is to give gamblers a high-level overview of how federal taxes work when it comes to slot jackpots in Vegas, and around the country.

What most people fail to think about, however, are the tax implications caused by a big slot win. If you have an upcoming trip to Las Vegas, or any casino for that matter, chances are you’ve had dreams of hitting a big jackpot.Īfter all, what would be sweeter than funding your entire trip, or early retirement, with one lucky hit.

Slot machine winner las vegas casino jackpot