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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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