Winnings in the following amounts must be reported to the IRS by the payer:
It’s important for you to know the thresholds that require income reporting by the payer. Here is what you need to know about how gambling affects your taxes : How Much You Win Matters As is often the case, federal and state governments single out casino winnings for unique taxes of their own.
Most people don’t think about taxes on their way to a racetrack or casino, but what might seem like nothing more than the chance to win some extra money actually has some tax implications.
