Should I Report Online Gambling Winnings
Depending on the amount you win through gambling, you may receive an IRS Form 1099 or W2-G from the casino or other gambling sponsor. IRS rules also require that sponsors of legalized gambling report gamblers winnings over a minimum amount. Many state taxation agencies require sponsors of legalized gambling to report gamblers' winnings as well. Gambling winnings are fully taxable and you must report the income on your tax return. Gambling income includes but isn't 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. You must report all gambling winnings (including lotteries, raffles) on line 21, Schedule 1, Form 1040 as ‘Other Income’) including winnings that aren’t reported on a Form W-2G.pdf. When you have gambling winnings, you may be required to pay an estimated tax on that additional income.
- Should I Report Online Gambling Winnings Real Money
- Reporting Gambling Winnings 2019
- Gambling Winnings From Another State
- Do I Have To Report Online Gambling Winnings
November 01, 2017
Should I Report Online Gambling Winnings Real Money
Have you recently won some cash at the casino or racetrack? Congratulations! While it is very exciting, keep in mind there are tax implications and you should be prepared to pay federal, state and local income taxes on the winnings.
You can anticipate that the casino or other party that provides the payout to give or send you a Form W-2G. The information reported on this federal form includes the date you won, the reportable winnings, type of wager, federal and state taxes withheld and other details about the transaction.
Reporting Gambling Winnings 2019
You will file a W-2G if you won money from any of the following sources (please note, the list is not exhaustive):
Gambling Winnings From Another State
- Horse/dog track or off track betting
- Jai-alai
- State-conducted lottery
- Keno • Bingo
- Slot machines
- Poker winnings
- Any other type of gambling winnings
Keep in mind, even if you win money at a charity event that is hosted by a church or other type of non-profit organization, those winnings are taxable. If you paid money to participate in the event, such as purchased cards for a game of bingo at your church, you cannot claim the funds you spent as a donation to a non-profit organization when you file your income taxes.
Do I Have To Report Online Gambling Winnings
If you find yourself on the losing end of a game of chance, you may wonder if you can report a gambling loss on your tax return. Generally, it is not allowable, but there are exceptions. It is advisable that you consult with a tax professional if you find yourself in such a situation or have questions.
For rules, laws and other information pertaining to gaming in Indiana, visit the Indiana Gaming Commission website at http://www.in.gov/igc/.