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…

The Internal Revenue Service requires the reporting of gambling winnings as income. Gambling losses are tax deductible for taxpayers who itemize deductions. However, the deduction for gambling losses is limited to the amount of gambling winnings. Consequently, gambling losses cannot…

Get the Form Whenever you win a “qualifying amount” at a casino, they are legally required to report it to the IRS. Therefore, they will collect your social security number and send you an IRS Form W-2G. As such you…

Are you a Canadian gambler? Are you a Canadian gambler who likes to gamble at US casinos? A lot of Canadian gamblers love to patronize American casinos. However, you must keep in mind that you end up taking home 30…