| So you won some money at gambling, and you want | | | | - Income taxes were withheld from your winnings |
| to know if you have to pay the Government, income | | | | - You won at least $600 or more and your winnings |
| taxes on your winnings. Well, the short answer to that | | | | were at least 300 times the amount of your bet |
| is yes, but there are some exceptions to the rule. | | | | - Your winnings were from a slot machine or bingo in |
| If you had gambling winnings you're required to report | | | | the amount of $1200 or more |
| them as other income on IRS Form 1040. The tax rate | | | | - Your winnings were from keno in the amount of |
| for online, internet and sports gambling winnings is the | | | | $1500 or more. |
| same as your regular income. | | | | How to deduct your losses from your winningsIn order |
| If you had gambling losses you are allowed to deduct | | | | to avoid paying gambling tax you'll need to itemize your |
| what you lost, up to the amount that you've won. You | | | | losses on Schedule A tax form (itemized deductions). |
| are not allowed to deduct gambling losses that exceed | | | | As with most itemized deductions you are required to |
| your winnings, and you are not allowed to carry-over | | | | keep a record of gambling winnings and losses. You |
| your losses from one year to another. | | | | should keep the date, time, type, place, tickets, receipts |
| A Form W-2G is used to report gambling winnings | | | | and any other records you have as proof. |
| from, internet, online, casino, sports betting, horse racing, | | | | By keeping accurate records of your online, internet |
| lotteries, bingo and other legal gambling activities. | | | | and casino gambling you can pay less tax when you |
| You'll receive a Form W-2G if: | | | | win. When you pay less gambling tax, you win again! |