![]() You're supposed to report every penny you win, even if your losses exceeded your winnings for the year. You may not, repeat NOT, subtract your losses from your winnings and only report the amount left over, if any. If, like the vast majority of people, you're a recreational gambler, you're supposed to report all your gambling winnings on your tax return every year. All Your Winnings Must Be Listed On Your Tax Return As far as the IRS is concerned, a win is a win and must be included on your tax return. It also makes no difference where you win: whether at a casino or other gambling establishment in the United States (including those on Indian reservations), in a foreign country such as Mexico or Aruba, on a cruise ship, Mississippi river boat, or at a gambling website hosted outside the U.S. It makes no difference how you earn your winnings, whether at a casino, gambling website, Church raffle, or your friendly neighborhood poker game. All Gambling Winnings Are Taxable IncomeĪll 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 taxes). ![]() Do you like to gamble? Do you ever win? If the answers to these questions are "yes," you need to know about deducting your gambling losses.
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