Taxes on Your Gambling Winnings – You Owe Uncle Sam a Piece No Matter How Much You Won

When you’re gambling at a casino, you may win a few bucks here and there and leave with more dollars than you brought with you. It may be as little as $20, or as much as $1,000. When cashing out you were never presented you with a form to declare your winnings to the IRS. If you think you’re home free, think again. As a U.S. citizen, you owe Uncle Sam a piece of the action regardless of the amount. Many players think that just because they were not given a tax form there’re home free. Not so.

So, what does get reported to the IRS? Larger amounts that are won at gambling establishments such as casinos, lottery retailers, horse race tracks and off-track betting parlors. They will issue a form W-2G, one copy to you and one to the IRS. Here are some details:

Three Ways to Best Match Your Colored Mirror Sunglasses, to Your Dress and Your Occasion

Are you excited about the coming party or date? You cannot wait for the day to arrive? You can already feel the cool music thumping through your soul.

Yes, and the savory aroma of tasty dishes too. Oh, you can’t just stop imagining… the excited chatter, endless drinks everywhere… all free. It will be a smashing event. You are certain of that.