TurboTax should get you to the exact answer after you enter all of your information. And we have to watch out for the Alternative Minimum Tax on Line Do I have to report it on my taxes?
Any money you win gambling or wagering is considered taxable income by the IRS. Certain special rules apply to gambling income, gsmbling there are strict recordkeeping requirements. You may only deduct your costs of gambling, wagering, betting, and playing lotteries from your winnings. He also has a full time job, and SS monthly. Macau has given Las Vegas casinos a run for their money, but what's behind the scenes? Then you should probably coordinate with them on filing your own gambling winning tax return.Everything is taxed, right? Just about. So when something isn't, it seems truly remarkable. When you add that it's gambling winnings we're. Note that this does not mean you are exempt from paying taxes or reporting the winnings. Any and all gambling winnings must be reported to. Hitting it big in vegans can be great, but the IRS will have a say in how much money you take home. Learn more about gambling taxes at HowStuffWorks.