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Gambling Income

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Gambling Income
Winnings from wagers on events or games of chance in which the outcome is uncertain. This includes all cash won and the market value of non-cash winnings such as vacations. In U.S. tax, all gambling income, regardless of where or how it was obtained, is taxable income and must be reported to the IRS. Professional gamblers may deduct all gambling losses against gambling income, but casual gamblers may only do so up to the amount of gambling income.
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The awards are funded through a percentage of state gambling income.
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Gambling income includes that from lotteries, casinos and other games of chance, as well as the fair market value of such prizes as cars, houses and trips.
IN BRIEF by The Santa Fe New Mexican (Santa Fe, NM)
The Tax Court has accepted this position when the taxpayer failed to report gambling income in excess of W-2G winnings.
Establishing basis for gambling losses: most taxpayers are unaware of ... by Morris, Donald / The Tax Adviser
 
 
 
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