Gambling winnings in the US are subject to federal income tax. However, there is a threshold below which you don’t need to report your winnings. As of 2023, the IRS mandates reporting if you win:
- $600 or more at horse racing (if it’s 300 times your bet)
- $1,200 or more at bingo or slot machines
- $1,500 or more from keno
- $5,000 or more in poker tournaments
Winnings below these amounts typically do not require reporting for federal taxes. Always consult with a tax professional to understand local regulations.
