The winnings (not reduced by the wager) are $1,200 or more from a bingo game or slot machine.
The winnings (reduced by the wager) are $1,500 or more from a keno game.
The winnings (reduced by the wager or buy-in) are more than $5,000 from a poker tournament.
Sports
Any single wager paying 300 times the amount wagered and at least $600 is taxable income. If any winnings minus the amount wagered exceed $5,000, federal taxes are withheld.
I think you can cash 9999 dollars in Casino Chips at any Nevada casino and not pay taxes. But I may be wrong on that.....not sure:shrug:
The winnings (reduced by the wager) are $1,500 or more from a keno game.
The winnings (reduced by the wager or buy-in) are more than $5,000 from a poker tournament.
Sports
Any single wager paying 300 times the amount wagered and at least $600 is taxable income. If any winnings minus the amount wagered exceed $5,000, federal taxes are withheld.
I think you can cash 9999 dollars in Casino Chips at any Nevada casino and not pay taxes. But I may be wrong on that.....not sure:shrug:
