Did you play the slots or try your hand at roulette over the long Labor Day weekend? If you won anything, you should know that gambling winnings are taxable. This includes winnings from casinos, lotteries, sports betting sites, bingo and poker games. Casual (as opposed to professional) gamblers are required to report gambling winnings on their tax returns for the year they won money. The casino, charity or game sponsor may have withheld tax from your winnings and provided you with Form W-2G, “Certain gambling winnings,” which should be used when preparing your tax return. But to be clear, even if you don’t receive this form, you still must report your winnings to the IRS.
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