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    8 Tax Tips for Gambling Income and Losses

    by Rocky Mengle, Tax Editor May 03, 2019 5 minutes

    The American gaming industry is booming. New casinos and sports betting parlors are popping up across the country, Las Vegas is thriving, lotteries are popular and online gambling is big. There are certainly plenty of opportunities to plunk down a bet if you enjoy gambling. And, if that's your thing, we hope you come home a winner.

    However, if you are lucky enough to win some cash from a smart bet, don't forget that Uncle Sam wants his cut, too. So, before you run out and spend your jackpot, here are 8 things to remember about taxes on gambling winnings.

    You Have to Report All Your Winnings

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    Whether it's $5 or $5,000, from an office pool or from a casino, all gambling winnings must be reported on your tax return as "other, line 21. If you win a non-cash prize, such as a car or a trip, report its fair market value as income.

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