Casinos offer a win-loss statement for their slot players that itemizes coin-in and coin-out, but vary in their player-tracking policies for other types of play. If you are fortunate enough to win $1200 in a jackpot at a slot machine, $1500 from keno, $5000 from a poker tournament, or $600 or more from “other” gambling winnings, then the casino will record your Social Security Number and the amount of the win, and write it off as an expense. ![]() (IRC section 165(d).) (If you win a prize in a drawing, that does not count as “gambling.” It is reported on 1099-MISC, and other rules apply.) Do you have to pay taxes on gambling winnings? A professional gambler, or someone who gambles often would especially need to be mindful of gambling taxes. ![]() The IRS has responded accordingly, now requiring gambling winnings to be reported as a source of income, with losses deductible only to the extent of winnings. In the last thirty years, gambling has changed its image from a quasi-legal activity to a major player in the economy.
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