What You Should Know About Taxes on Gambling Winnings
What You Should Know About Taxes on Gambling Winnings
As per the income tax law, these winnings are treated as winnings from online games and taxed at 30% under the head 'Income from other Sources'
All gambling winnings are taxable income—that is, income that is subject to both federal and state income taxes (except for the seven states that have no income Report all gambling winnings as taxable income on your tax return · If you itemize deductions, you can offset your winnings by deducting gambling losses
joran van der slot Those who have won money should know that gambling winnings are fully taxable and you'll have to report the income on your tax return Author: In addition to handing out all that cash, the casino must provide the winner and the Internal Revenue Service with a W-2G form, and the winner
