The IRS might lower the jackpot reporting thresholds to $600


Posted on the 4th of April 2015

The IRS might lower the jackpot reporting thresholds to $600

The current reporting level for casino players who win on Slot machines or Bingo is $1,200, while the figure is $1,500 for a game of Keno. These jackpot reporting thresholds were established in 1977. So if a player wins $1,200 or more on a slot machine today, the machine would lock up until IRS forms are completed and the machine is reset. However, if the Internal Revenue Service lowers the jackpot reporting thresholds to $600 on Slots, Bingo and Keno, then that would be a bad move for the gambling industry. Firstly, it would increase the amount of paperwork for gambling enthusiasts. Secondly, it would put gambling machines out of service more frequently. Thirdly, with more gambling machines going out of service more frequently, there would be less play and less revenue for the casinos. Fourthly, it would encourage players to seek other gambling destinations or play at online casinos. The IRS has given the casino industry 90 days to respond to the suggested regulation changes.

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