{"id":391,"date":"2013-06-06T16:51:08","date_gmt":"2013-06-06T21:51:08","guid":{"rendered":"http:\/\/www.fcallc.biz\/blog\/?p=391"},"modified":"2024-11-23T08:32:11","modified_gmt":"2024-11-23T13:32:11","slug":"five-important-tips-on-gambling-income-and-losses","status":"publish","type":"post","link":"https:\/\/www.fcallc.biz\/blog\/?p=391","title":{"rendered":"Five Important Tips on Gambling Income and Losses"},"content":{"rendered":"

Issue Number:\u00a0\u00a0\u00a0\u00a0IRS Summertime Tax Tip 2012-24<\/span><\/span><\/h3>\n

Inside This Issue<\/span><\/span><\/h3>\n
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Whether you roll the dice, bet on the ponies, play cards or enjoy slot machines, you should know that as a casual gambler, your gambling winnings are fully taxable and must be reported on your income tax return. You can also deduct your gambling losses\u2026but only up to the extent of your winnings.<\/span><\/span><\/span><\/p>\n

Here are five important tips about gambling and taxes:<\/span><\/span><\/span><\/p>\n

1.\u00a0Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse races, and casinos. It includes cash winnings and the fair market value of prizes such as cars and trips.<\/span><\/span><\/span><\/p>\n

2.\u00a0If you receive a certain amount of gambling winnings or if you have any winnings that are subject to federal tax withholding, the payer is required to issue you a Form W-2G, Certain Gambling Winnings. The payer must give you a W-2G if you receive:<\/span><\/span><\/span><\/p>\n