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 taxable income, but they aren’t subject to the same tax rules as your normal income. Though they can seem a bit daunting at first, taxes on gambling winnings are fairly easy to understand with a little help. Here’s a top-level guide that can help you get started. All Gambling Winnings Are Taxable. Yes, all of them. Fantasy football winnings, slot machine jackpots 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 Taxable gambling winnings include money and prizes received from: Casino games (poker, blackjack, roulette, etc.), slot machines, keno, and poker tournaments; Bingo; Lotteries, raffles, sweepstakes, or gameshows; Betting pools; Horse races, dog races, and off-track betting; The IRS requires certain kinds of gambling winnings automatically to withhold 24% of winnings for taxes. Taxable winnings 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. The second rule is that you can’t subtract the cost of gambling from your winnings. For example, if you win $620 from a horse race but it cost you $20 to bet, your taxable winnings are $620, not $600 (after subtracting your $20 wager). Cash is not the only kind of winnings you need to report. If you win a brand new laptop in a raffle, this counts as income, too. You must claim the item’s
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