Gambling winnings are considered taxable income. Thankfully, you can deduct certain expenses, as well. The rules on what you owe depend on whether you’re a casual or professional gambler. Gambling winnings are subject to income tax. In some cases, the IRS gaming establishment withholds a portion of your winnings for taxes. Otherwise, they pay the full amount to you, mail tax forms later, and you must pay taxes when you file your return. Any money you win gambling or wagering is considered taxable income by the IRS as is the fair market value of any item you win. Gambling income isn't just card games and casinos; it also includes winnings from racetracks, game shows, lotteries, and possibly even bingo. Certain special rules apply to gambling income and there are strict recordkeeping requirements. However, you may be able to deduct gambling losses. Your gambling income is generally reported on Gambling winnings are fully taxable and you must report the income on your tax return. Gambling income includes but isn't limited to winnings from lotteries, raffles, horse races, and casinos. It includes cash winnings and the fair market value of prizes, such as cars and trips. Table games in a casino, such as blackjack, roulette, baccarat, or craps are exempt from the W-2G rule. This doesn’t mean you don’t have to claim the income and pay taxes on it if your winnings aren’t enough to warrant the tax form. It just means that the institution won’t send a Form W-2G. You can deduct your losses…to an extent Winnings from gambling can be taxable and should be reported on your tax return. Winnings may be reported on a W2-G. However, if you itemize deductions on the schedule A, then you may deduct gambling losses only up to the amount of the winnings claimed on your tax return. Remember to keep proof of your losses. These items can be in the form of annual statements and non-winning tickets. Understanding Gambling Tax Laws Gambling winnings are taxed by both the IRS (Internal Revenue Service) and by many states in US All winnings from all forms of gambling are taxable and must be declared as income on your tax return.
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