what irs form do you need to claim gambling winnings
A: Yes. Gambling winnings are generally taxable and must be reported your tax return. If you're a casual gambler, you'll generally report your gambling winnings as âother incomeâ on line 21 of IRS Form 1040. Other income includes winnings from lotteries, raffles, horse races and casinos. It also includes cash winnings and the fair market value of prizes, such as cars and trips.
Unfortunately for gamblers, casinos, race tracks, state lotteries, bingo halls, and other gambling establishments located in the United States are required to tell the IRS if you win more than a specified dollar amount. They do this by filing a tax form called Form W2-G with the IRS.