IRS Proposes Regs For $2K Gambling Reporting Level - Law360
Law360
The IRS proposed new regulations raising the reporting threshold for gambling winnings to $2,000, as mandated by the 2025 budget law.Summary
The Internal Revenue Service (IRS) has released proposed regulations to adjust the reporting requirements for gambling winnings. The new rules implement changes from the 2025 budget law, increasing the threshold at which gambling businesses must report payouts to the government to $2,000. This applies to winnings from various games, including bingo, keno, and slot machines. The proposed regulations aim to align reporting requirements with recent legislative changes and streamline the process for both businesses and the IRS.
(Source：Law360)