The same rules generally apply for any non-cash prizes worth more than $5,000, such as a car in a raffle. If you decline to give your Social Security number, the house keeps 28 percent of your winnings for federal taxes. You can also request a deduction for your state income tax, which will vary depending on where you live. Depending on the size and type of bet, the standard 25 percent federal income tax may be deducted from your winnings on the spot. You may not leave with all your winnings either. You'll also get a copy of the W-2G form documenting the payment before you walk away. If you're lucky enough to find yourself in any of the above scenarios, you'll be asked for your Social Security number by the venue so your winnings can be reported. For horse racing and lottery tickets, winnings of $600 and above are reported when they're more than 300 times the amount of the bet.
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