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“When a player hits the jackpot of a slot machine above the $1,200 threshold, the machine locks up and stops play,” they continued. ... more than $475.4 million in taxes. ... the antiquated ...
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What Taxes Are Due on Money Won Gambling in Las Vegas?
If you file your taxes and you use the standard deductions given to you, you won't be allowed to itemize your gambling losses. In other words, you have to determine if whether itemizing your deductions is worth it. An interesting case. A friend won $2,000 on a slot machine.
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She put $100 into a slot machine and won the coveted jackpot. A casino official told her that the machine wasn’t supposed to pay out just yet, that the machine had malfunctioned. Play Slots, Pay Taxes: The IRS Wants a Piece of More Jackpots… (Bloomberg) Nothing kills the thrill of a big-money win at the casino quite like a tax form — and soon the grasp of the taxman could be felt before the jackpot celebration stops at a lucky slot machine. 2014 Slot Jackpot Winners
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