Fresh Start Tax LLC 1-866-700-1040 “A” Rated by the Better Business Bureau A National Professional Tax Firm Since 1982
Former IRS Agents and Managers as well as former IRS Instructors on Gambling Winnings and Losses. Gambling winnings IRS Problems and IRS Gambling audit
Do you have IRS issues/problems with gambling winnings and losses? Call former IRS Agents who worked the gambling programs when employed by the IRS.
We know all the tips and techniques to get you the fair results so the IRS does not beat you up.
Facts about Gambling Winnings:
Gambling winnings are fully taxable and must be reported on your tax return. Here are the top seven facts the Internal Revenue Service wants you to know about gambling winnings.
1. Gambling income includes – but is not limited to – winnings from lotteries, raffles, horse and dog races and casinos, as well as the fair market value of prizes such as cars, houses, trips or other non cash prizes.
2. Depending on the type and amount of your winnings, the payer might provide you with a Form W-2G and may have withheld federal income taxes from the payment.
3. The full amount of your gambling winnings for the year must be reported on line 21 of IRS Form 1040. You may not use Form 1040A or 1040EZ. This rule applies regardless of the amount and regardless of whether you receive a Form W-2G or any other reporting form.
4. If you itemize deductions, you can deduct your gambling losses for the year on line 28 of Schedule A, Form 1040.
5. You cannot deduct gambling losses that are more than your winnings.
6. It is important to keep an accurate diary or similar record of your gambling winnings and losses.
7. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses.
Our Company Resume: ( Since 1982 )
- Our staff has over 140 years of professional tax representation experience collectively
- On staff, Board Certified Tax Attorney’s, Certified Public Accountants, Enrolled Agents,
- Former IRS Managers, Instructors and Trainers
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- Extremely ethical and moral
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- Licensed to practice in all 50 States
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