Kentucky Law Blog
By Nathan Vinson, attorney
English, Lucas, Priest & Owsley, LLP
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.