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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsIRS suggests dropping casino winnings threshold to $600
Source: Las Vegas Review-Journal
... The proposal, released this week by the IRS, suggests the reporting rules for winnings from gambling on slots, keno and bingo be reduced from $1,200 to $600. The agency set a 90-day period for the casino industry to respond to the suggested regulation changes.
Read more: http://www.reviewjournal.com/business/casinos-gaming/irs-suggests-dropping-casino-winnings-threshold-600
Sorry, LVRJ is the only news source for this story.
Federal Register entry: http://www.gpo.gov/fdsys/pkg/FR-2015-03-04/html/2015-04437.htm
Turbineguy
(37,375 posts)don't have to report peoples' losses. That would keep them busy.
notadmblnd
(23,720 posts)It cancels any tax out.
Newsjock
(11,733 posts)Fine for high-income earners and/or high-tax states; not so fine for lower-income winners.
notadmblnd
(23,720 posts)you only need your itemized deductions to exceed the standard Federal deduction which is 6200.00 for a single filer for 2014.
underpants
(182,950 posts)Every time you get up from the table (21 for me) the number resets. It would be an inconvenience though.
philosslayer
(3,076 posts)So you can avoid having income reported to the IRS? And avoid paying taxes? Am i missing something here?
underpants
(182,950 posts)It's pretty standard in Vegas. I was up to. $800 at one point (walked with just under $700) but I saw several players get up for a few hands and then sit back down to continue playing. It's pretty standard.
Of course some do report the winnings so they can use them to offset losses in taxes. You can claim gambling losses up to the amount you officially win.
dissentient
(861 posts)on the shenanigans of billionaires and millionaires who do all kinds of shady things to get out of paying their fair share, instead of going after the common Joe Blow who gets lucky once in a blue moon and wins a small amount of money at the casino.
Fumesucker
(45,851 posts)It's so difficult to get a conviction against someone with good representation if the case is at all complex.
Not to mention how career-limiting in the private sector later such cases can be for top tier managers who have to think about the political aspects of their job. Sometimes it seems that's the only part of the job they take seriously.