IRS: Tax tips for gamblers

IRS: Tax tips for gamblers

THE SALT LAKE TRIBUNE
Published Aug 31, 2012 08:30AM MDT
Whether you roll the dice in Wendover, bet on the ponies at Wyoming Downs or take a chance at a slot machine in Mesquite, Nev.,the Internal Revenue Service wants to remind gamblers that winnings are fully taxable and must be reported on your income tax return. You can, however, deduct your losses but only up to the extent of your winnings. Here are five tips about gambling and taxes from the IRS. • Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse races and...
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