Disclaimer - Gambling Taxes
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Disclaimer * Gambling Taxes

Gambling Income and Expenses - Taxes   
Richard A. Chapo

Hit a big one? With more and more gambling establishments, keep in mind the IRS requires people to report all gambling winnings as income on their tax return.

Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse and dog races and casinos. Unfortunately, gambling income also includes the fair market value of prizes such as cars, houses, trips or other non-cash prizes.

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Tax Deferral Law Signed (WCSH 6 Portland)
AUGUSTA , Maine (AP) -- Gov. John Baldacci has signed into law a bill that allows towns and cities to establish a property tax deferral program for eligible senior citizens.

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Generally, if you receive $600 ($1,200 from bingo and slot machines and $1,500 from keno) or more in gambling winnings and your winnings are at least 300 times the amount of the wager, the payer is required to issue you a Form W-2G. If you have won more than $5,000, the payer may be required to withhold 25 percent of the proceeds for Federal income tax. However, if you did not provide your Social Security number to the payer, the amount withheld will be 28 percent.

The full amount of your gambling winnings for the year must be reported on line 21, Form 1040. 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 your winnings.

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Calif. Passes Gas Tax Changes To Help $20B Deficit (CBS 5 Bay Area)
Legislators passed a complicated change to the gasoline tax Thursday to address part of the state's $20 billion budget deficit and said it's enough to get the state through its financial problems for ...

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It is important to keep an accurate diary or similar record of your gambling 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.

Face it, the IRS gets you coming and going. Well, I'm off to play poker.


Richard Chapo is CEO of <strong>Business Tax Recovery</strong> - Obtaining tax refunds for small businesses for overpaid taxes. Discovery tax strategies and deductions in our tax articles section.

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Index of Articles about Taxes

What Other Authors say about Taxes

Use Child Tax Credit for Tax Savings by Keith Hoyng

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Remember the Boston Tea Party? In 1773, the king in England and his Parliment had just initiated the Tea Tax – and the settlers didn't accept it. Many of them dressed up as Indians, boarded a trade ship...


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