Reporting Gambling Winnings and Losses

The following rules apply to casual gamblers who aren't in the trade or business of gambling Gambling winnings are fully taxable and you must report the

Any money you win while gambling or wagering is considered taxable income by the IRS as is the fair market value of any item you win This means there there is

down the chimney slot Withholding Rate from Gambling Winnings New Jersey Income Tax is withheld at an amount equal to three percent of the payout for both New

door letter slot Those who have won money should know that gambling winnings are fully taxable and you'll have to report the income on your tax return Author: