What’s the only bad thing about winning a jackpot? The taxes! But now, the SLOT Act could help lessen some of that pain. Two Congressional Representatives, one from Nevada and the other from Pennsylvania, are pushing legislation to raise the reporting limit for jackpots. Currently, anyone who wins a jackpot at a slot machine or on video poker is required by the IRS to report amounts of $1,200 or more. However, the SLOT Act would raise that limit to match the rate of inflation, which would set the updated threshold at $5,000. Additionally, the legislation has a provision to keep…
The post SLOT Act Could Change Jackpots Forever appeared first on This Week in Gambling.
