Gambling winnings are taxable
This year, the deadline is April 17 for federal and state returns. Gambling
winnings are taxable and must be reported on your return. Such income
includes, but is not limited to, winnings from lotteries, raffles, horse and
dog races and casinos, as well as the fair market value of prizes, such as
cars, trips or other noncash prizes.
Depending on the type and amount of your winnings, the payer might provide
you with a Form W-2G and might have withheld federal income taxes from the
payment. The full amount of your gambling winnings for the year must be
reported on line 21, Form 1040. You may not use Form 1040A or 1040EZ. If you
itemize deductions, you can deduct your gambling losses for the year on line
27, Schedule A (Form 1040). You cannot deduct gambling losses that are more
than winnings. It is important to keep an accurate diary or record of your
winnings and losses. To deduct your losses, you must be able to provide
receipts, tickets, statements or other records that show the amount of both
your winnings and losses.
winnings are taxable and must be reported on your return. Such income
includes, but is not limited to, winnings from lotteries, raffles, horse and
dog races and casinos, as well as the fair market value of prizes, such as
cars, trips or other noncash prizes.
Depending on the type and amount of your winnings, the payer might provide
you with a Form W-2G and might have withheld federal income taxes from the
payment. The full amount of your gambling winnings for the year must be
reported on line 21, Form 1040. You may not use Form 1040A or 1040EZ. If you
itemize deductions, you can deduct your gambling losses for the year on line
27, Schedule A (Form 1040). You cannot deduct gambling losses that are more
than winnings. It is important to keep an accurate diary or record of your
winnings and losses. To deduct your losses, you must be able to provide
receipts, tickets, statements or other records that show the amount of both
your winnings and losses.
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