The IRS requires that gambling establishments, such as casinos, report any winnings over $1,200 on a form W-2G.
All gambling winnings, regardless of amount, must be reported on your federal tax return. Gambling winnings are considered taxable income at the ordinary income tax rate. Gambling WinningsĪll income, unless specifically excluded by the IRS, is considered taxable income.
in the form of casinos, sports betting, fantasy sports leagues, lotteries and more, it’s important to understand the income tax implications of gambling winnings and losses.
The United States is currently experiencing a gambling boom.
