Hand Pay W2-G Reporting Raised to $2,000.00

Started by alrelax, July 16, 2025, 02:25:57 AM

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alrelax

An element of the OBBBA that hasn't garnered nearly the same media coverage as it relates to the gaming industry is "Section 70433 C — Application to Reporting on Remuneration for Services."

The text increases the tax reporting threshold on gambling winnings to $2,000.
The minimum win amount to initiate a W-2G form becomes effective Jan. 1, 2026. It is then increased annually based on inflation.


https://www.casino.org/news/one-big-beautiful-bill-has-silver-lining-for-gamblers/
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KungFuBac

Re: Taxis on gambling winnings. Link below.
The following article is dated 8/1. I encourage all to contact their state and  Senators/Congress person. I leave messages and emails quite often on important issues. They really do pay attention to their constituents. Especially if they are up for reelection in the near future.

From the link:

"... The provision has dominated gambling media, and has since triggered promises to undo the controversial change.

One such promise came directly from House Ways and Means Committee Chairman Jason Smith, a Republican from Missouri. Smith and several other committee members went to Las Vegas late last week to hold a "field hearing" about the bill and discuss its pros and cons. ..."


https://ggbnews.com/article/u-s-in-focus-38/
"There are many large numbers smaller than one."