Taxes On Winnings

Do I have to pay income taxes on my winnings?With slot wins of $1,200 or more the casino fills out IRS Form W2G, you must provide a valid U.S. Social Security number, name and address. If, you are a non-resident or cannot provide a valid U.S.Social Security number, the casino will withhold 30% of your winnings and fill out IRS Form 1042S and pay you 70% of your winnings. The 30% will be sent to the IRS.
For Keno it is $1,500 or more. For race and sports books, all winnings made at 300 to 1 odds or more, the casino will fill out the IRS Form W2G or Form 1042S. For residents of Spain, Italy, Czech Republic, Finland, France, Germany, Hungary, United Kingdom (except Ireland), Netherlands, Russia, Slavik Republic, Sweden or Tunisia, the holdback does not apply.
With wagers made in the race or sports book for $10,000 or more, the casino fills out a 6A regulation form. Without identification they wil lnot take the race or sports book bet.
The casino will give you a copy of the completed IRS Forms. Keep these until you file your income tax return. The casino sends a copy of the forms to the IRS.
Losses can be deducted up to the amount of your winnings. Gambling losses can be documented with tickets losing keno or race and sports book bets. IRS, 1-800-829-3676 - ask for a form. Or go to: http://www.irs.ustreas.gov.

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