{"id":7277,"date":"2021-02-15T00:00:35","date_gmt":"2021-02-15T00:00:35","guid":{"rendered":"https:\/\/casinous.com\/?p=7277"},"modified":"2021-02-19T13:55:14","modified_gmt":"2021-02-19T13:55:14","slug":"are-gambling-winnings-taxable","status":"publish","type":"post","link":"https:\/\/casinous.com\/are-gambling-winnings-taxable\/","title":{"rendered":"Are Gambling Winnings Taxable in the US?"},"content":{"rendered":"

Paige<\/a> | February 15, 2021 | Updated on: February 19th, 2021<\/p>

It\u2019s an unfortunate truth that you have to pay taxes on almost everything including gambling winnings. So, if you want to avoid a visit from the IRS, then we\u2019ve got the perfect guide for you.<\/p>\n

Any windfalls you land on table games, slots, or the lottery, are subject to federal income taxes and those of the state. But the amount you pay will depend on how much you win and where you managed to win it.<\/p>\n

\"Are<\/p>\n

<\/span>How Are Gambling Winnings Taxed?<\/span><\/h2>\n

You will have to report your winnings as \u201cOther Income\u201d on the IRS Form 1040 as taxable income. This includes any winnings that aren\u2019t reported on Form W-2G, and you\u2019ll have to pay an estimated tax of 24% (flat rate).<\/p>\n

As for gambling losses, you can itemize your deductions and keep a record of all wins<\/a> and losses. You can\u2019t deduct your gambling losses as more than you reported on your return. But you can claim losses up to the amount of winnings as \u201cOther Itemized Deductions\u201d.<\/p>\n

Your gambling winnings include, but aren\u2019t limited to:<\/p>\n