SLOT Act of 2025

Bill 119 HR 2233, also known as the Slot Winnings Reporting Threshold Act, aims to amend the Internal Revenue Code of 1986 by increasing the information reporting threshold for slot winnings. Currently, individuals who win $1,200 or more from a single slot machine spin are required to report their winnings to the IRS. This bill proposes to raise that threshold to $5,000.

The purpose of this change is to reduce the burden on both taxpayers and casinos by decreasing the number of small winnings that need to be reported. Supporters of the bill argue that the current reporting threshold is outdated and places unnecessary strain on both individuals and businesses.

If passed, this bill would provide relief to casual gamblers who may not be aware of the reporting requirements for smaller winnings. It would also streamline the reporting process for casinos, allowing them to focus on larger payouts. Overall, the Slot Winnings Reporting Threshold Act seeks to modernize the reporting requirements for slot machine winnings and provide a more reasonable threshold for individuals to report their winnings to the IRS.