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Higher Reporting Threshold for Slot Machine Winnings

New rules increase the amount of slot machine winnings that businesses must report to tax authorities. This means citizens winning smaller amounts will not be subject to automatic reporting of their winnings. These changes will take effect from January 1, 2023, with the threshold further adjusted for inflation for payments in years beginning after 2023.
Key points
The reporting threshold for slot machine winnings will be set at $5,000 per single play.
This change implies less paperwork for individuals winning less than $5,000, as these winnings will not require automatic reporting.
For payments in calendar years beginning after 2023, the $5,000 amount will be adjusted for inflation.
The new rules will apply to winnings paid after December 31, 2022.
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Additional Information
Print number: 117_HR_6937
Sponsor: Rep. Titus, Dina [D-NV-1]
Process start date: 2022-03-03