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Money and Finances
Reply to "I just won $1,000 playing an instant scratch lottery ticket. Should I notify my family?"
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[quote=Anonymous][quote]Gamblers are lucky in that casino taxes are not progressive like income taxes are. That is, you will owe the same percentage to the IRS on a $100,000 jackpot as a $10,000 one. Yet, it’s important to know the thresholds that require reporting. Winnings in the following amounts must be reported: [b]$600 or more at a horse track (if that is 300 times your bet) [/b] $1,200 or more at a slow machine or bingo game $1,500 or more in keno winnings $5,000 or more in poker tournament winnings [/quote] 300 times your bet? Did the horse that ran on those odds have three legs, or what? Just curious. [/quote]
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