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How are gambling winnings taxed?

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The following rules only apply to casual gamblers. Gambling winnings are fully taxable and must be reported on your tax return. You must file a Form including all of your winnings. Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse races, and casinos. It includes cash winnings and also the fair market value of prizes such as cars and trips. Here we offer free online casino gambling

The first thing to understand is gambling winnings are taxable. Lucky you. This means winning from every kind of game including the basics like lotteries to more sophisticated gaming like horse racing, craps, poker tournaments and sports betting. This is also true for winnings that include things other than cash such as vehicles or trips.

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