A Tax Consultant for All Seasons

I am amazed everyday at what people think will not be taxable. Yes, Gambling winnings are taxable. Lottery winnings are taxable, if you win on Survivor, it is taxable!! The IRS is sent information by casinos if you win. You should get a copy of the W2G which shows what you won. If you had losses, you can deduct them up to the amount you won, if you have documentation to substantiate what you lost.

This entry was posted on Tuesday, November 6th, 2007 at 04:55 and is filed under I Am Amazed. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.