Tax Tip Of The Day: Gambling Winnings Are Taxable

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irs-sealBy Gregg Semanick-New Jersey‘s IRS Spokesperson

Gambling winnings are taxable and must be reported on your tax return. Gambling income includes winnings from lotteries, raffles, horse and dog races and casinos, as well as the fair market value of prizes such as cars, houses, trips or other noncash prizes. If you itemize deductions, you can deduct your gambling losses. You cannot deduct gambling losses that are more than your winnings.

For more information on IRS tax tips, go to the IRS.gov web site at www.irs.gov.


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