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The IRS is proposing to change the tax code to require gamblers in the United States to report winnings of $600 or more that they get from casinos.
The proposed change is half of the current cutoff of $1,200, which has been around for the past forty years. The current policy requires players to report winnings on slots, table games, bingo, and keno on more than $600 as income. The idea is currently at the proposal stage, wherein interested parties can comment for the next three months before it moves forward to the debate stage.
The move is being opposed by casinos as well as the American Gaming Association, who claims that the lower limits will cause casinos to lock machines until casino staff can fill out tax paperwork for winners.
Commenting on the proposed limit lowering Penn National Gaming VP of Public Affairs Eric Schippers said, “This would have a very negative impact on business. If anything, the reporting threshold should be increased to account for inflation.”