Reporting gambling winnings to the irs

Reporting gambling winnings to the irs belterra casino resort indiana

The IRS will refund the amount of taxes withheld from the winnings.

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Gambling Winnings and Losses IRS Tax Problem Orlando This article applies only to gambling winnings and losses for causal gamblers. If you consider yourself a professional gambler, you must file a Schedule C (Form ) for your gambling business, and it’s recommended And like the W-2, all of the information on Form W-2G is reported directly to the IRS. Being a sophisticated Las Vegas Direct consumer and occasional gambler, you may well be familiar with the Internal Revenue Tax Code provision providing that First, casinos are obligated to report your gambling winnings in excess of certain thresholds to the IRS, but do not report your losses. If the only "evidence" that you have is his blow-hard claim that he didn't report the income, the IRS will not likely act upon your report. And if it was a casino game the winnings were reported to the IRS, so they already know about it and can't use any evidence you provide to reward you for your report.

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