Jackpot! If you’ve got a gambling spirit, chances are you’ve probably invested a good amount of time into casinos. But if you win big in Vegas, don’t let the thrill of victory cloud your head. If you’ve won money from…
Do you enjoy gambling? Many people find it enjoyable and relaxing to go to a casino and spend time at the slots or tables. A big problem we see as accountants is that most people don’t understand how the winnings…
If you make any winnings in the gambling, you need to report the full amount of the winnings for the year on line 21 on Form 1040. You can deduct the losses you make from gambling for the year, on…
So you won some money at gambling, and you want to know if you have to pay the Government, income taxes on your winnings. Well, the short answer to that is yes, but there are some exceptions to the rule….
The Internal Revenue Service (IRS) has historically required that gambling winnings and gambling losses be separately accounted for. The reason for this has to do with the way gambling losses are deducted for tax purposes. Gambling losses are treated as…