Casino and gambling guide and advice
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. While most understand that the winnings are taxable, many assume that they are reportable only [...]
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 an itemized deduction and reported on Schedule A of the individual income tax return (Form [...]
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 apply to the reduction of income from sources other than gambling. The IRS therefore treats [...]
