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Since it is getting close to tax time here are some things to consider when filling out your return. US Federal law requires all casinos to issue a tax declaration form for slot machine winnings of $1,200 or more and for keno winnings of $1,400 or more. In fact, if a player hits a jackpot over $1,200 the casino will ask for the name, address, social security number and a positive identification before they make a payout. They will also give the player a W2G tax form and send a copy to the . They will not do anything about winners at the table games. However, US citizens are required to report all winnings when filing their annual income tax report. You must report the full amount of your winnings for the year but you can also deduct your losses. Another important point is you can not deduct losses that are more than you winnings. You need to keep a good log of all your gambling activates because the will want to see one if you get audited. The best advise is to talk to your tax advisor.