IRS Summertime Tax Tip 2017-15: Helpful Tips to Know About Gambling Winnings and Losses
Internal Revenue Service (IRS) sent this bulletin at 08/04/2017 10:24 AM EDT
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Issue Number: IRS Summertime Tax Tip 2017-15Inside This IssueHelpful Tips to Know About Gambling Winnings and Losses Taxpayers must report all gambling winnings as income. They must be able to itemize deductions to claim any gambling losses on their tax return. Taxpayers who gamble may find these tax tips helpful:
See Publication 525, Taxable and Nontaxable Income, for rules on gambling and Publication 529, Miscellaneous Deductions, for more information on losses. Publication 529 also lists specific types of gambling records a taxpayer may want to keep. Download and view IRS publications on IRS.gov/forms at any time. Avoid scams. The IRS does not initiate contact using social media or text message. The first contact normally comes in the mail. Those wondering if they owe money to the IRS can view their tax account information on IRS.gov to find out. Additional IRS Resources:
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