Tag: Gambling tax tip
Gambling Tips From The IRS? You Bet!
July 26, 2013
From Forbes – Do you enjoy rolling the dice, playing cards or betting on the ponies? However you gamble, one thing is clear: gambling winnings are always taxable income in the eyes of the IRS. You might think that’s all the IRS says about gambling. But actually, the IRS offers some tax tips for casual gamblers. 1. Winnings Are Income. Gambling income includes winnings from lotteries, raffles, horse races and casinos. Obviously, cash winnings are taxable. You must report all your gambling winnings as income on your tax return regardless of whether you receive an IRS Form W-2G. 2. Winnings In Kind. But even if you don’t win cash,…