Gambling taxes

[olds442jetaway]

As long as we are on the tax subject though not gambling related, the huge win for many will be the 6,000 buck deduction for seniors. 12,000 for a couple. Worth reading up on. It may phase out for many of us and be lost since it is based on modified adjusted gross income and not taxable income. The new SALT deduction with 40k limits are a huge win for me. That one helps a lot.
I’m sure the IRS will remind us that all Gross Gambling income is taxable. . Thanks Bill for posting the W2-G change.

[onemoretry]

$2,000 threshold for W2-G issuance in 2026 has been confirmed by the IRS. https://www.reviewjournal.com/business/ ... 6-3597374/

It sure would be nice if casinos now reduced the royal payout to 3999 credits on 50c games. It would save us (and them) a lot of hassle!

[olds442jetaway]

Great idea. Maybe?!

[Tedlark]

$2,000 threshold for W2-G issuance in 2026 has been confirmed by the IRS. https://www.reviewjournal.com/business/ ... 6-3597374/

It sure would be nice if casinos now reduced the royal payout to 3999 credits on 50c games. It would save us (and them) a lot of hassle!

Some just may. I've seen it in the past.

[OTABILL]

$2,000 threshold for W2-G issuance in 2026 has been confirmed by the IRS. https://www.reviewjournal.com/business/ ... 6-3597374/

It sure would be nice if casinos now reduced the royal payout to 3999 credits on 50c games. It would save us (and them) a lot of hassle!

Some just may. I've seen it in the past.

Bingo payouts for level 2 wins at many casinos were $1199 when my late wife and I played years ago. BTW, see the notification I received concerning the new W2-G threshold I posted on the Bizzaro World 2025 thread.

[POKERKAT]

Unfortunately, while this is a good change although I think it should be $5000, and apparently you now cannot exempt losses up to 100% of the winning, you can take only 90% off.

[olds442jetaway]

That is a huge bummer for me. I have reduced my play accordingly.