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IRS Enacts New Regulations for Gambling Income
3/6/2017


The IRS has issued new final reporting regulations that address the rules for reporting payments from bingo, keno and slot machine winnings. (IRS Reg. 1.6014-10).  The new regulations are effective for bingo, keno and slot machine winnings reported after 2016.

The new regulations (effective 1/1/17 ) contain the following clarifications:

  • Reportable winnings for bingo means winnings of $1,200 or more from one bingo game without reduction for the amount wagered. All winnings received from all wagers made during one bingo game are combined.
  • Reportable winnings for keno means winnings of $1,500 or more from one keno game reduced by the amount wagered on the same keno game. All winnings received from all wagers made during one keno game are combined.
  • Reportable winnings for slot machines means winnings of $1,200 or more from one slot machine play without reduction for the amount wagered.

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