Gambling Winnings and Losses

Question

Alright, I don't want any answers from people who don't gamble or have never gambled. I gamble online, and sometimes I win and sometimes I lose. Should I report these on my tax form. Have any of you that gamble ever done that. Thanks.

Answer 1

Yes, gambling wins are income and should be reported on your tax return.

Answer 2

I think anything under 600.00 does not need to be reported.  I have won 550.00 in our state Lotto and there were no IRS forms to fill out.

Answer 3

Well this depends on what country you're from.  In the U.S for instance gambling winnings are taxable and you have to report them, in Canada and the U.K for instance it's not taxable.  If you're reporting this you need to report net which includes your losses.

King Cobra Poker

Answer 4

You have to report all winnings.

Keep a record of what you win and lose. Come tax time calculate how much you won vs how much you lose and report the difference.