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Articles Tagged with betting

By Nathan Vinson, attorney
English, Lucas, Priest & Owsley, LLP

IRS taxes gambling

The IRS is considering changing the way it taxes gambling payouts.

Since 1977, the IRS has required those who won $1,200 or more from slot machines or $1,500 or more from Keno to report and pay taxes on those winnings. We wrote about this rule earlier this year as it pertains to horse racing, a subject near and dear to Kentucky hearts.

After nearly 40 years of this practice, the IRS is considering changing that limit to $600, and casino gaming operators aren’t pleased.

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