![]() ![]() 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. ![]()
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