Source link : https://las-vegas.news/jackpot-irs-threshold-for-slot-wins-altering-to-2000-officers-verify/
LAS VEGAS (KLAS) — A significant win for gamblers raises the jackpot reporting threshold to $2,000 subsequent yr, officers confirmed this week.
For gamblers accustomed to the $1,200 threshold for slot machine jackpots, it is huge information. Slots that lock up whereas the participant waits for hand-paid winnings — together with a requirement to report winnings to the IRS — typically imply a 20-40 minute wait. It additionally brings numerous paperwork for the on line casino.
However now a change tucked away within the “One Big, Beautiful Bill” that handed on July 3 will replace the edge.
It is a battle that Democratic Nevada Rep. Dina Titus has fought for by means of the years, in search of the next restrict to maintain up with inflation. Her workplace confirmed the change this week, and Titus is searching for extra.
“While raising the slot reporting threshold to $2,000 is a step in the right direction, it is still inadequate. The IRS Advisory Council recommended this threshold be raised over $5,000 and indexed to inflation. The current threshold has not been updated since 1977. I will continue to advocate for the SLOT Act which adjusts the jackpot threshold accordingly to keep up with inflation and improve the gaming experience for the customer and operator,” Titus stated.
Titus and nationwide playing organizations have been pushing for the change, however the SLOT Act hasn’t handed into regulation.
Whereas $1,200 is a large jackpot for some gamblers,…
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Author : LasVegasNews
Publish date : 2025-07-19 11:02:00
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