Bet big, win big. Gamblers extraordinaire know that with great risk comes great reward, but there’s one area in life you should never gamble with—your taxes. According to the IRS, gambling income can include lottery winnings, raffles, horse racing, casino games, poker games, and even sports betting. When it comes time to file your taxes, keeping track of all of your winnings and losses can seem impossible, but it’s better to be safe than sorry when it comes to landing yourself in hot water with the IRS.

As your winnings go up, so too do your responsibilities to the IRS. The more you win, the more paperwork you’re required to submit, and the more you’ll have to pay to the government. If you’ve hit certain thresholds, you’ll be required to submit a Form W-2G along with your taxes. There’s also the question of deductions. Every gambler knows you won’t always be on a winning streak, and there may be a time that your losses outweigh your returns. For the IRS, you can deduct gambling losses only up to the amount of gambling winnings, filed as miscellaneous itemized deductions, and filing these deductions comes with its own share of forms and paperwork.

If you’re a seasoned gambler that loves the thrill of betting on the underdog and you’ve been to the racetrack more times than you can count, be sure you’re staying on the right side of the law by filing your taxes correctly. Whether you’re a poker victor, dog racing savant, or Keno champion, check out the infographic below to find out how your gambling earnings are taxed, and keep yourself on the winning side of the government.

Bet big, win big. Gamblers extraordinaire know that with great risk comes great reward, but there’s one area in life you should never gamble with—your taxes. According to the IRS, gambling income can include lottery winnings, raffles, horse racing, casino games, poker games, and even sports betting. When it comes time to file your taxes, keeping track of all of your winnings and losses can seem impossible, but it’s better to be safe than sorry when it comes to landing yourself in hot water with the IRS.

As your winnings go up, so too do your responsibilities to the IRS. The more you win, the more paperwork you’re required to submit, and the more you’ll have to pay to the government. If you’ve hit certain thresholds, you’ll be required to submit a Form W-2G along with your taxes. There’s also the question of deductions. Every gambler knows you won’t always be on a winning streak, and there may be a time that your losses outweigh your returns. For the IRS, you can deduct gambling losses only up to the amount of gambling winnings, filed as miscellaneous itemized deductions, and filing these deductions comes with its own share of forms and paperwork.

If you’re a seasoned gambler that loves the thrill of betting on the underdog and you’ve been to the racetrack more times than you can count, be sure you’re staying on the right side of the law by filing your taxes correctly. Whether you’re a poker victor, dog racing savant, or Keno champion, check out the infographic below to find out how your gambling earnings are taxed, and keep yourself on the winning side of the government.

Get a personal consultation.

By entering your phone number and clicking the “Get Started” button, you provide your electronic signature and consent for Community Tax LLC or its service providers to contact you with information and offers at the phone number provided using an automated system, pre-recorded messages, and/or text messages. Consent is not required as a condition of purchase. Message and data rates may apply.

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Bet big, win big. Gamblers extraordinaire know that with great risk comes great reward, but there’s one area in life you should never gamble with—your taxes. According to the IRS, gambling income can include lottery winnings, raffles, horse racing, casino games, poker games, and even sports betting. When it comes time to file your taxes, keeping track of all of your winnings and losses can seem impossible, but it’s better to be safe than sorry when it comes to landing yourself in hot water with the IRS.

As your winnings go up, so too do your responsibilities to the IRS. The more you win, the more paperwork you’re required to submit, and the more you’ll have to pay to the government. If you’ve hit certain thresholds, you’ll be required to submit a Form W-2G along with your taxes. There’s also the question of deductions. Every gambler knows you won’t always be on a winning streak, and there may be a time that your losses outweigh your returns. For the IRS, you can deduct gambling losses only up to the amount of gambling winnings, filed as miscellaneous itemized deductions, and filing these deductions comes with its own share of forms and paperwork.

If you’re a seasoned gambler that loves the thrill of betting on the underdog and you’ve been to the racetrack more times than you can count, be sure you’re staying on the right side of the law by filing your taxes correctly. Whether you’re a poker victor, dog racing savant, or Keno champion, check out the infographic below to find out how your gambling earnings are taxed, and keep yourself on the winning side of the government.

Bet big, win big. Gamblers extraordinaire know that with great risk comes great reward, but there’s one area in life you should never gamble with—your taxes. According to the IRS, gambling income can include lottery winnings, raffles, horse racing, casino games, poker games, and even sports betting. When it comes time to file your taxes, keeping track of all of your winnings and losses can seem impossible, but it’s better to be safe than sorry when it comes to landing yourself in hot water with the IRS.

As your winnings go up, so too do your responsibilities to the IRS. The more you win, the more paperwork you’re required to submit, and the more you’ll have to pay to the government. If you’ve hit certain thresholds, you’ll be required to submit a Form W-2G along with your taxes. There’s also the question of deductions. Every gambler knows you won’t always be on a winning streak, and there may be a time that your losses outweigh your returns. For the IRS, you can deduct gambling losses only up to the amount of gambling winnings, filed as miscellaneous itemized deductions, and filing these deductions comes with its own share of forms and paperwork.

If you’re a seasoned gambler that loves the thrill of betting on the underdog and you’ve been to the racetrack more times than you can count, be sure you’re staying on the right side of the law by filing your taxes correctly. Whether you’re a poker victor, dog racing savant, or Keno champion, check out the infographic below to find out how your gambling earnings are taxed, and keep yourself on the winning side of the government.

Get a personal consultation.

By entering your phone number and clicking the “Get Started” button, you provide your electronic signature and consent for Community Tax LLC or its service providers to contact you with information and offers at the phone number provided using an automated system, pre-recorded messages, and/or text messages. Consent is not required as a condition of purchase. Message and data rates may apply.