• You are required to report all gambling winnings—including the fair market value of noncash prizes you win—as “other income” on your tax return. • You can’t subtract the cost of a wager from your ...

With the Super Bowl right around the corner, I started thinking about sports betting and taxes. (Remember: we are still in the middle of tax season) If you win big on Sunday, it won't have an impact ...

In the first year of operations under newly modernized U.S. Treasury and Intenal Revenue Service (IRS) regulations, there was a $307 million reduction in the amount of winning pari-mutuel wagers ...

The continuing expansion of gambling means that financial advisors and tax professionals are more likely to work with clients who must report their betting income each year to the IRS. "For ...

It seems a pretty simple and straightforward request, but it may take an act of Congress to get it accomplished. As the amounts of slot machine jackpots grow and the casino industry expands across the ...

Form W-2G What happens in Vegas stays in Vegas, except if you win money — then you might have to tell the IRS about it. Form W-2G, Gambling Winnings, is used to report gambling winnings (direct wager ...

Winning a substantial amount at a casino is an exhilarating experience. The moment the slot machines light up and signal a ...

Gambling taxes are common because the United States gaming industry is booming. From new casinos to lotteries and online sports betting, there are plenty of opportunities if you enjoy gambling. And ...

The Internal Revenue Service has issued final and temporary regulations removing the automatic 30-day extension of time to file information returns on forms in the W-2 series, with the exception of ...

All gambling winnings are taxable, which isn't exactly the tax tip that you want to hear on Super Bowl Sunday. But when the Detroit Lions — once a favorite to play in the Super Bowl back in early ...