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1. What do casinos report on table games to the IRS?
2. Do casinos report slot hand pay and/or machine pay?
Who is a tax lawyer in Vegas that does personal income tax/IRS audits?
The only thing that casinos report that you really need to worry about are W2-Gs. You will get a W2-G if you win a table game progressive (sometimes a table win with odds of 400:1 (correct me if Im wrong on that odds) or higher.
As far as slots go, only a spin that nets 1200.00 or higher in that one spin will generate a jackpot payout requiring a W2-G. This includes any bonus round as well, because the bonus round combination came on one spin and is merely pending the result of the bonus round win. If a bonus round generates a bonus round then that is still considered the same spin and the total is added together. Despite some belief, cash outs of 1200 or more do not count toward W2-Gs and therefore are not reported. However, if you choose to claim gambling winnings and losses on your taxes then you must use your players card to generate a report at the end of the year that will state your wins/losses for that year. Only gambling losses may be claimed if they offset a win but no more than that win amount.
Theres a little more to it for high rollers but Im not going to go through the tax code here. It sounds just like a simple question.
