If you don’t receive a W2-G from a facility, you are still required to report your winnings on your tax return. $600 or more from other betting (if the win is at least 300 times the wager).$5,000 or more from a poker tournament.$1200 or more from a bingo game or slot machine.Gaming facilities are required to furnish Form W-2G if your gambling winnings exceed any of these limits: It also includes any money you may have won outside the United States. This includes lottery tickets, slots, card games, sports betting, and even those friendly bingo games at the local senior center.
You are required by law to report all winnings from any gambling activity, regardless of how much you earned. This IRS form contains information regarding your gambling winnings for the prior year and must be reported when filing your taxes. Do you play poker, bet on horses, or frequent casinos? There’s a chance that you may receive Form W-2G.
