Poker Poker Poker!: Re: [vpFREE] gambling taxes

IRS Tax Tips February 18, 2008
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Issue Number: TT-2008-34
Inside This Issue

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GAMBLING INCOME AND LOSSES
Gambling winnings are fully taxable and must be reported on your tax return.
Gambling income includes, but is not limited to, winnings from lotteries,
raffles, horse and dog races and casinos, as well as the fair market value of
prizes such as cars, houses, trips or other noncash prizes.
Depending on the type and amount of your winnings, the payer might provide
you with a Form W-2G and may have withheld income federal taxes from the
payment.
Here are some general guidelines on gambling income and losses:
* Reporting winnings: The full amount of your gambling winnings for
the year must be reported on line 21, Form 1040. You may not use Form 1040A or
1040EZ. This rule applies regardless of the amount and regardless of whether
you receive a Form W-2G or any other reporting form.
* Deducting losses: If you itemize deductions, you can deduct your
gambling losses for the year on line 28, Schedule A (Form 1040). You cannot
deduct gambling losses that are more than your winnings.
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.
For more information see IRS Publication 529, Miscellaneous Deductions, or
Publication 525, Taxable and Nontaxable Income, both available on the IRS Web
site, IRS.gov, or by calling 800-TAX-FORM (800-829-3676).
Remember that for the genuine IRS Web site be sure to use .gov. Don't be
confused by internet sites that end in .com, .net, .org or other designations
instead of .gov. The address of the official IRS governmental Web site is
_www.irs.gov_ (http://www.irs.gov/) .
Links:
* Form W-2G, Certain Gambling Winnings (_PDF 134K_
(http://www.irs.gov/pub/irs-pdf/fw2g_07.pdf) )
* Publication 529, Miscellaneous Deductions (_PDF 169K_
(http://www.irs.gov/pub/irs-pdf/p529.pdf) )
* Publication 525, Taxable and Nontaxable Income (_PDF 266K_
(http://www.irs.gov/pub/irs-pdf/p525.pdf) )
* _Tax Topic 419_ (http://www.irs.gov/taxtopics/tc419.html) , Gambling
Income and Expenses
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