| Posted by: AmateurSleuth at April 11, 2001, 4:59 pm | | Topic: Miscellaneous questions Forum: Winner Online |
(5) FROM http://www.irs.gov/prod/tax_edu/teletax/tc419.html
"Gambling winnings are fully taxable and must be reported on your tax return. You must file Form 1040 and include all of your winnings on line 21. Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse races, and casinos, as well as the fair market alue of prizes such as cars and trips.
If you receive $600 or more in gambling winnings, the payer generally is required to issue you a Form W-2G. If you have won more than $5,000, the payer generally is required to withhold 28% of the proceeds for Federal income tax. If you did not provide your social security number to the payer, the amount withheld will be 31%.
You can deduct gambling losses only if you itemize deductions. Claim your gambling losses as a miscellaneous deduction on Schedule A of Form 1040. However, the amount of losses you deduct cannot be more than the amount of gambling income you have reported on your return. It is important to keep an accurate diary or similar record of your gambling WINNINGS and LOSSES. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the AMOUNT of both your WINNINGS and LOSSES. See Publication 529, Miscellaneous Deductions, for information on record keeping or Publication 525, Taxable and Nontaxable Income. Publications and forms may be downloaded from this site or ordered by calling 1-800-829-3676."
FWIW
[This message has been edited by AmateurSleuth (edited 04-11-2001).]
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