IRS to increase the gambling winnings limit that triggers a tax form to $5,000

It’s not clear to me that this has any measurable affect on the amount of tax collected. Surely most regular gamblers that have a $5,000 pay day have lost enough previously to take as a tax deduction against the winnings.


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iirc, the minimum amount for mandatory 1099 reporting of personal property sales for this year is also $5000.

Legislation passed a few years ago, set the reporting minimum at $500, but that deadline has been extended a couple times now.

Thing is, wrt the personal property sales, is you can’t use losses on some items to offset gains on other items. Sell an old TV at a 90% loss, and you eat it. Sell a now rare, working, VCR, at a gain, and you owe tax on the gain, regardless of losses on other items.