It looks like the slot jackpot threshold is going to be increased to $2,000 and then indexed to inflation starting in 2026.
https://www.casino.org/news/one-big-...-for-gamblers/
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It looks like the slot jackpot threshold is going to be increased to $2,000 and then indexed to inflation starting in 2026.
https://www.casino.org/news/one-big-...-for-gamblers/
I'd like to see further confirmation of that.
https://www.congress.gov/bill/119th-...se-bill/1/text
Does anyone here speak jive?
https://youtu.be/a6TraLJf6iw?si=qKzp7hlr8bvT3YUUQuote:
Originally Posted by Don Perignom
What it is big momma? My momma didn’t raise no dummies I dug her rap!
Here's the IRS (Treasury) regulation:
https://www.ecfr.gov/current/title-2...tion-1.6041-10
(The IRS is an agency of the Treasury Department.)
Notice it has varying thresholds: (A) $1200 for bingo, (B) 1500 for keno, (C) 1200 for slots.
What about the keno threshold? Does it increase from 1500 to 2000?
I'm not getting the connection between the BBB legislation and gambling.
Good questions.Quote:
Originally Posted by Don Perignom
All I know is that there are multiple news stories online about the threshold being raised.
Don’t know the technical details but hopefully the media did better reporting on this topic then they do in general.
Edit, looks like a more detailed article about it on Druff’s other site.
https://pokerfraudalert.com/forum/sh...Current-status
Is it possible the legislation actually impacts 1099s rather than W2Gs?
https://www.avalara.com/blog/en/nort...threshold.html
1099s currently are set at $600, matching the verbiage of the legislation. You get a 1099 for drawing wins and poker tourneys imo.
These days I usually receive free play for drawing wins, which sidesteps the reporting.
Something has to change or the casinos go under in 2026. Dumb money leaves bad machines and bad consequences before smart money like APs. The ecosystem will be destroyed.
Well that escalated quickly.Quote:
Originally Posted by theywontpayontuesday
Shot down by Vital Vegas (they/them):
https://x.com/VitalVegas/status/1945223226721726912
Hard to imagine that they would change the tax code and not be able to clearly and simply explain what the change is.
Its almost as if they want to make the tax code so confusing that ordinary people can’t figure it out & don’t know whether a change is good for them or bad for them so they don’t know which politicians to hold accountable for any negative changes as they won’t even know what the net impact is on their taxes until way down the road and even then they won’t know which party or specific politicians were responsible for that specific change & by then they would have forgotten about it anyway and just blame whichever party they don’t like.
It'll go up to $2100 in 2027 then sit there for years because the cost of living index goes up only a few points a year. It'll take a lot of years for it the threshhold to jump over $2100....where it will then be rounded up to $2200.
It's FINALLY going up after roughly 50 years! My God! In around 1977 when the $1,200 threshold was first enacted, $1,200 was a LOT of money. In 2025, $1,200 is not really all that much money anymore. I can't believe this is the first time in roughly 48 years that the threshold went up. The threshold honestly should be about $5,000.
The thought that this retard could possibly win enough to trigger a W2G is retarded.
But don't you get the dream of what happens when you hit one has grown. That's the key aspect.
Haven’t had time to go over it but noted accountant and gambling tax expert, Russell Fox, has said he doesn’t think the language in the bill actually raises the W2-G threshhold To $2000.