Are You Feeling Lucky This Summer?
Do your summer plans include
testing your luck at the racetrack or casino?
Did you realize that gambling winnings are taxable income? Don’t let that dampen your fun. Read on for helpful tax tips and good luck!
1.
Winnings can include winnings from raffles,
lottery, casinos or horse races.
2.
You may or may not receive a Form W-2G from the
payer. Information on that form is also reported to the IRS. If you do not
receive this form, you are still required to report your winnings, so you must
maintain good records of your winnings.
3.
If you itemize your deductions, you can
partially offset some of your winnings.
Gambling losses can be deducted up to the amount of gambling income reported on your tax return. Unfortunately,
if you claim the standard deduction, you do not get to benefit from your
losses!
4.
Make tax time easier by keeping a folder with
win and loss receipts, statements or tickets.
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