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Reporting Gambling Income and Losses on Your Tax Return

7/6/2015

 
If you play the ponies, play cards or pull the slots, your gambling winnings are taxable.  You must report them on your tax return.  If you gamble, these tax tips can help you at time time next year:

1.  Gambling income.  In come from gambling includes winnings from the lottery, horse racing and casinos.  It also includes cash and non-cash prizes.  You must report the fair market value of non-cash prizes like cars and trips.

2.  Payer tax form.  If you win, the payer may give you a Form W-2G, Certain Gambling Winnings.  The payer also sends a copy of the W-2G to the IRS.  The payer must issue the form based on the type of gambling, the amount you win and other factors.  You'll also get a form W-2G if the payer must withhold income tax from what you win.

3.  How to report winnings.  You normally report your winnings for the year on your tax return as "Other Income."  You must report all your gambling winnings as income.  This is true even if you don't receive a Form W-2G.

4.  How to deduct losses.  You can deduct your gambling losses on Schedule A., Itemized Deductions.  The amount you can deduct is limited to the amount of the gambling income you report on your return.

5.  Keep gambling receipts.  You should keep track of your wins and losses.  This includes keeping items such as a gambling log or diary, receipts, statements or tickets.

See Publication 525, Taxable and Nontaxable Income for rules on this topic.  Refer to Publication 529, Miscellaneous Deductions for more on losses.  It also lists some of the types of records you should keep.

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  • Home
  • About
    • Book An Appointment
  • Accounting
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      • Individuals >
        • Income >
          • Debt Forgiveness
          • Foreign Income
          • Gambling Income
          • Unemployment
          • Other Income
        • Deductions & Credits >
          • Adoption
          • Charitable Contributions
          • Earned Income Tax Credit
          • Educational Expenses
          • Energy Tax Credits
          • Employee Business Expenses
          • Other Deductions and Credits
        • Affordable Care Act - Individuals
        • Children and Dependents
        • Death
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      • Businesses >
        • Affordable Care Act - Businesses
        • Year-end Reporting Obligations >
          • 1099's
          • Health Insurance Premiums
          • Depreciation
          • Reimbursed Employee Business Expenses
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        • Employment Tax Credits
        • Independent Contractors
        • Tax Credits and Deductions for Businesses
        • Other Business Topics
        • Required Business Posters
      • Amended Returns
      • IRS Notices and Problems
      • Tax Plan >
        • All About the Earned Income Tax Credit
        • 5 IRS Audit Red Flags
        • Retirement Plans for Sole Proprietors
        • Are You Claiming All of Your Tax-Deductable Business Expenses for 2015?
        • All About Past Due Tax Returns
        • Do You Need to File Form 1099s?
        • How to File an Appeal with the IRS
        • Why You Might Get a Letter from the IRS, and What to Do
        • How to File an Amended Tax Return
        • Should You Claim the Home Office Deduction?
        • How to Avoid -- And Deal with -- Identify Theft
        • Q & A: IRS Audits
        • Are You Using the Right Business Structure?
        • Starting Planning for 2015 Income Taxes Now: 5 Tips
        • What You Need to Know About Estimated Taxes
        • Contractor or Employee? How the Income Tax Obligations Differ
        • The New Form 1095-A: Reporting Health Insurance Coverage
        • Are Your Social Security Payments Taxable?
        • Do You Qualify for the Earned Income Tax Credit?
        • Are You Eligible for Health Insurance Tax Credits
        • Employee Retirement Plans - Tax Advantages and Other Benefits
        • 5 Business Tax Credits You May Be Missing
        • New Business in 2012
        • Is it a Bad Debt or a Simple Revenue Loss? Telling the Difference
        • Business Taxes Add Complexity: How Will This Affect You?
      • Tax Scams