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What are the tax implications of gambling?

By |2024-07-03T14:53:34-05:00July 3rd, 2024|Categories: Transportation|Tags: , |

Great question. If you purchase a lottery ticket or gamble at a casino and win big, you need to be prepared for potential tax implications. First, if you win, your gambling winnings are fully taxable and must be reported as income on your tax return. Reportable income includes winnings from lotteries, raffles, horse races, and casinos. [...]

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Feeling Lucky? What You Need to Know Before You Gamble

By |2023-08-04T10:29:43-05:00July 27th, 2023|Categories: Transportation|Tags: , |

Do you feel lucky? Have you ever purchased a lottery ticket, scratch off, or gambled in a casino? Many Americans have. According to the National Council on Gambling, approximately 85% of all US adults have gambled at least once in their lives. Taxpayers need to know the tax implications that comes when you hit the jackpot. [...]

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