Friendly neighborhood tax lawyer sez:

Posted by begoodorelse (66.207.255.28) on March 15, 2004 at 17:52:11:

In Reply to: Tax Question posted by Newbie on March 15, 2004 at 17:05:06:

Sadly, it's taxable income. If I recall correctly, gambling winnings are "miscellaneous income" that you report near the bottom of the first page of Form 1040. I can't remember the exact line number. Best bet is to dig out the 1040 instructions, either in booklet form or over at www.irs.gov.

Good news is, any money you LOST gambling is deductible against your winnings. I'm not sure how to document that since we don't have a lot of gamblers around here, and even fewer winners. Consult your local tax pro to make sure you're doing the right thing.

Follow Ups:

Post a Followup