5 things the IRS wants to tell you about gambling

When we win a huge victory, we want everyone to know. Friends, family, co-workers, the cocktail waitress, that guy sitting next to us at the bar – something fantastic has just happened, and everyone should know.

Including the IRS.

While the Internal Revenue Service might not be listed in your contacts as “BFF! <3”, they still want to know when something great has happened to you.

Or, actually, your income.

In fact, here are 5 things the IRS wants you to know about (legal, of course) gambling.

1) Prizes are taxed the same way as cash
2) If you win a certain amount, make sure you get a W-2G form from the casino
3) Report winnings as “Other income” of your Federal Income Tax Return
4) You can claim losses as deductions (but only up to the amount you’ve won)
5) Keep accurate records

Read the original article here

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