According to IRS section 61, “Except as otherwise provided in this subtitle, gross income means all income from whatever source derived…” This includes gambling sources of income. There are many assumptions about when to claim the winnings received from casinos….
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…