Vegas Q&A: Do Cashless Slots Mean More IRS Forms?
UPDATED: 11:14 a.m. EST February 23, 2004
Question: With the new "no coin" slot machines, what happens when you try to cash in one of the paper receipts that is over the $1,200 limit for IRS reporting? Will the cashier fill out the W-2G for before giving you the money? What if you have several receipts that total more than $1,200? Should you bring them to the cashier one at a time?
Robert in Grants Pass, Ore.
Answer: I'm happy to say I know the answer to this one from prior experience -- I had some luck on my last casino junket.
If you hit a bunch of jackpots and it takes you over that $1,200 limit, you do not have to fill out any IRS forms. The law applies only to single jackpots of $1,200 or more.
So if you're gambling along and have $600 on your machine and hit a $700 jackpot, you can cash that out and not have to worry about it, as far as the IRS is concerned. However, if you're sitting there with $600 on your machine and you hit a jackpot of $2,000, the machine will lock up, the attendants will come over and get your ID for the tax forms, and they will knock you for that one jackpot.
Answer: I'm happy to say I know the answer to this one from prior experience -- I had some luck on my last casino junket.
If you hit a bunch of jackpots and it takes you over that $1,200 limit, you do not have to fill out any IRS forms. The law applies only to single jackpots of $1,200 or more.
So if you're gambling along and have $600 on your machine and hit a $700 jackpot, you can cash that out and not have to worry about it, as far as the IRS is concerned. However, if you're sitting there with $600 on your machine and you hit a jackpot of $2,000, the machine will lock up, the attendants will come over and get your ID for the tax forms, and they will knock you for that one jackpot.
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