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Tax tip | Gambling winnings are taxable



Printer Friendly VersionPost a CommentTell a Friend about this Article21 February 2007
As reported by: The State
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.


Article By: The State

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