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….
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…