The full amount of the winnings must be reported, not the net after subtracting losses. Gambling income includes, but is not limited to, winnings from lotteries, raffles, lotto tickets and scratchers, horse and dog races, and casinos, as well as the fair market value of prizes such as cars, houses, trips, or other non-cash prizes. Reporting Winnings – Taxpayers must report the full amount of their gambling winnings for the year as income on their 1040 returns. There are far more tax issues related to gambling than one might expect, and they may impact taxes in more ways than one might believe. What makes matters worse, tax laws do not allow recreational gamblers to claim a loss in excess of their winnings. They look at it as a source of tax revenue and as one might expect, the government takes a cut if a gambler wins. Health Care Insurance Premium SubsidiesĪlthough gambling may seem to be a recreational activity for many taxpayers it is not for THE government.
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