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Taxes on casino wins (2026 rules)
Two big things changed for US taxpayers in 2026. Here is what the IRS says, in plain words, and what is still only proposed.
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For payments in 2026, the threshold for a casino to issue a Form W-2G rose to $2,000 for slots and bingo (from $1,200) and for keno (from $1,500), adjusted for inflation after that. Gambling income includes cash and the fair market value of prizes. Losses are deductible only if you itemize, never more than your winnings, and proposed rules would limit the deduction to 90% of losses from 2026. This is general information, not tax advice.
The W-2G threshold: now $2,000
A Form W-2G is the form a casino gives you, and the IRS, for a reportable win. The IRS's instructions for 2026 say: “The minimum threshold amount for payments made in calendar year 2026 is $2,000,” adjusted yearly for inflation after that.
- Slots and bingo: the threshold rose from $1,200 to $2,000.
- Keno: from $1,500 to $2,000, measured after the price of the wager.
- Table games and other wagers: reportable when the win meets the threshold and is at least 300 times the bet. The 2026 instructions do not give a separate dollar figure for table games, and the older test was $600, so ask your tax preparer.
- Regular gambling withholding does not apply to slot, bingo or keno winnings, though backup withholding can if you do not give your Social Security number.
The IRS's proposed regulations describing the change were published in the Federal Register on 17 April 2026. They are proposed, not final.
All winnings count, not just W-2Gs
A win below the threshold is still income. IRS Topic 419 says gambling income “includes cash winnings and the fair market value of prizes, such as cars and trips.” Whether casino comps or free-cruise offers are taxable is not addressed by name on the IRS pages we read. Ask a tax professional about your own situation.
Deducting losses: the 90% change
- Itemize only. “You may deduct gambling losses only if you itemize your deductions on Schedule A.”
- Capped at winnings. You cannot deduct more losses than the gambling income you report.
- New from 2026: 90%. The 2025 tax law limits the deduction to 90% of losses, still capped at winnings. The IRS's proposed rule applies it to tax years beginning after 31 December 2025. In plain terms, if you won $5,000 and lost $5,000, you could deduct only $4,500 and would owe tax on $500.
- IRS Topic 419 had not been updated to mention the 90% limit when we checked on 20 October 2026.
Keep a record
The IRS asks you to keep “an accurate diary or similar record” of your gambling winnings and losses, plus receipts, tickets or statements. On a cruise that is easy: write down each session's date, ship, game, money in and money out, and ask the casino whether it can give you a win/loss statement for the year.
AI Cruise Granny™ is not a tax adviser. This page summarises the IRS's own pages and the proposed regulations as published. Your situation may differ.
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Where these facts come from
- IRS, Instructions for Forms W-2G and 5754 (Rev. 01/2026) — checked 20 October 2026
- Federal Register 2026-07519, proposed regulations (17 Apr 2026) — checked 20 October 2026
- IRS Topic 419, Gambling income and losses — checked 20 October 2026
- KPMG, Gambling losses under the 2025 tax law — checked 20 October 2026
- IRS Chief Counsel Advice 201433015 (older $600 table-game test) — checked 20 October 2026
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