When you win at a casino you are ecstatic! Sometimes you just put a quarter in the slot and you get lucky. Who hasn’t walked through a casino and seen the BMW sitting above a bank of slot machines and thought to themselves, it would be so cool to win that car.
Gambling winnings are taxable income, and if you have significant winnings you will be receiving a W-2G. You will receive a W-2G for winnings of $1,200 or more from a bingo game or slot machine, $1,500 or more from a keno game, $5,000 or more from a poker tournament, and the winnings (except winnings from bingo, slot machines, keno, and poker tournaments) reduced, at the option of the payer, by the wager are; $600 or more, and at least 300 times the amount of the wager.
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