Gambling winnings and losses must be reported — you can only deduct losses up to your winnings.

Gambling Tax Fact 101: Yes — Gambling Winnings Are Taxable!

Here’s a fact that surprises many people: All gambling winnings — big or small — are taxable income.
Whether you hit the slots, win a poker tournament, score a lucky scratch-off, or win the Super Bowl pool at work, the IRS expects you to report it.

Even if you don’t get a W-2G form from the casino, you’re still required to claim your gambling income on your tax return.

✅ Had a lucky year? Let’s make sure your gambling income is filed correctly!

💸 What Counts as Gambling Income?

The IRS says gambling income includes, but isn’t limited to:
✔️ Casino and slot machine jackpots
✔️ Poker and card tournaments
✔️ Sports betting winnings
✔️ Lottery prizes
✔️ Raffles and sweepstakes
✔️ Cash or the fair market value of prizes (like cars or trips)

⚠️ Can You Deduct Gambling Losses?

Good news: You can deduct gambling losses — but only up to the amount of your winnings and only if you itemize deductions. To claim these losses, you must keep accurate records: receipts, tickets, statements, or other proof.

👉 Don’t miss valuable deductions — ask us how to claim gambling losses here!

🚩 Common Gambling Tax Mistakes

❌ Not reporting winnings if no W-2G is issued
❌ Forgetting that sports betting and online wins count too
❌ Failing to keep proof of losses
❌ Reporting only net winnings instead of gross

Missing or misreporting gambling income can trigger penalties and IRS headaches — but we can help you file it right!

✅ Fix old returns and claim losses properly here!

🎲 We Make Gambling Taxes Easy

At Acceptance Tax & Accounting, we help you:
✔️ Report gambling income accurately
✔️ Claim allowable losses to reduce your tax bill
✔️ Fix old mistakes with IRS amendments
✔️ Avoid penalties and audits

📞 Click here to book your Gambling Tax Filing today!

Don’t let your jackpot turn into a tax nightmare — file smart and keep more of your winnings!