June
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You must include your winnings from a casino or other on your tax return. You will be issued a W-2G by the casino or other establishment providing the winnings.
Losses can be claimed as well but this is a little harder to do. You must keep a very accurate diary of all winnings and losses for a tax year, including receipts, tickets, statements, or other records that show the amount of both your winnings and losses. Your winnings cannot exceed your losses if you are claiming them.
It is really ashamed that the government gets part of our relaxation winnings just as if it were income from a job. Bummer.
For more information see IRS publication 525.
Losses can be claimed as well but this is a little harder to do. You must keep a very accurate diary of all winnings and losses for a tax year, including receipts, tickets, statements, or other records that show the amount of both your winnings and losses. Your winnings cannot exceed your losses if you are claiming them.
It is really ashamed that the government gets part of our relaxation winnings just as if it were income from a job. Bummer.
For more information see IRS publication 525.