rob b
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Gambling winnings are taxable income... and you can only deduct gambling losses up to the amount won. The amount withheld from your winnings is really for your benefit since you'll be paying the tax on it at the end of the year anyway. |
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src50
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Gambling winnings are taxable income. |
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mstrobert
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Yes, it is ordinary income. You can also deduct the amount you loose (up to the amount you won).
Casino's will give you a win loss report if you are using a player card. |
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hooterville
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It is taxable income but you can deduct your losses up to the amount you won. You need to itemize deductions to deduct the losses. You can get a printout from the casino if you use one of their tracking cards. |
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wartz
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You can only deduct your losses if you itemize your deductions. If you take standard deduction, all your winnings are taxable. |
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ninasgramma
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Your gambling winnings are added to your other income before any deductions are taken. So if you have enough adjustments, itemized deductions or exemptions to reduce or eliminate the gambling income, you will reduce what you owe.
You can also see if you have gambling losses, which are itemized on Schedule A as a deduction. Be sure you have good documentation that you actually lost, because this situation is closely scrutinized. |
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sarah314
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Yes, your winnings are considered income for tax purposes.
As for the 30% the casino was going to deduct for taxes vs. the 25% the IRS requires to be deducted...could it have been state taxes? Not all states require that gambling winnings for state taxes be withheld, but some do. |
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Gary
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You add your gambling winnings on Line 21 on the 1040 form. |
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Judy1
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Yes the amount will be considered taxable income. I'm not sure what you are asking about the deductions reducing the final amount you owe. |
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spiritwalker
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You should have let the casino take it out.
That would be listed as additional income. I won 2000 kept it, and my account said not to worry about it. Wrong! now now have a 600 dollar bill to pay. But you can also get a statement from the casino showing how much you have lost in the year. |
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