Do Casinos Report Blackjack Winnings to the IRS?

The answer to this question is a resounding yes! All casinos are required by law to report any and all winnings to the Internal Revenue Service (IRS). This includes winnings from blackjack, slots, roulette, and any other game where money can be won.

So, if you happen to hit it big while playing blackjack at your favorite casino, the IRS will eventually find out about it. They will then send you a bill for any taxes that are owed on your winnings.

The good news is that you don’t have to pay taxes on your blackjack winnings unless they are considered “significant.” The IRS defines significant winnings as anything over $1,200 for an individual or $2,400 for a married couple.

So, if you win less than those amounts, you can rest easy knowing that you don’t have to report your winnings to the IRS. However, if you do happen to win more than those amounts, it is important to report your winnings and pay any taxes that are owed.

Failure to do so can result in some hefty penalties from the IRS, so it’s better to be safe than sorry. So, next time you’re feeling lucky at the blackjack table, remember that the IRS is watching!.