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lmshaw60
New Member

761. won on slot machine--is this taxable?

IRS.gov says over 1200. on slots?
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2 Replies
KatrinaB48
Expert Alumni

761. won on slot machine--is this taxable?

According to IRS Topic 419, gambling winnings are fully taxable and you must be reported as income on your tax return. There is no separate ruling for different types of winnings. There may be on the state return as each state taxes gambling income differently. Please view this TurboTax FAQ for more information about reporting gambling winnings on your federal return.

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761. won on slot machine--is this taxable?

If you file a tax return for any reason, you are required to report all your income, no matter how small, even if you did not get tax paperwork.

 

If your total earnings are less than $10,200, then most of the time you won't need to file. 

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