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To: lee martell

You are supposed to declare all gambling winnings, regardless of the amount.
(The key word there is “supposed”.)

Not that you have much control over it, but it’s better to win many small amounts than one large amount. From Investopedia:

If you win a substantial amount of money in any legally operated game of chance, the payer of your winnings will deduct 24% of the total for taxes and will give you a copy of IRS Form W-2G to record the transaction.

What is “a substantial amount of money” in gambling? It depends on the game. It’s $1,200 or more in winnings at slot machines or bingo games, but $1,500 for keno. It’s $5,000 for sweepstakes, wagering pools, and lotteries.

https://www.investopedia.com/ask/answers/taxes-on-vegas-gambling-winnings/


8 posted on 09/17/2023 9:06:27 AM PDT by Leaning Right (The steal is real.)
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To: Leaning Right

Thanks for that info, in case I set out for Reno determined to start ‘Burnin’ Down The House!” with my Vacation Visa Card.


11 posted on 09/17/2023 9:11:42 AM PDT by lee martell
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