Vernoia, Enterline + Brewer, CPA LLC

Posts tagged ‘gambling’

Know Your Tax Hand When it Comes to Gambling

A royal flush can be quite a rush. But the IRS casts a wide net when defining gambling income. It includes winnings from casinos, horse races, lotteries and raffles, as well as any cash or prizes (appraised at fair market value) from contests. If you participate in any of these activities, you must report such winnings as income on your federal return. (more…)