PPP Round 2 Now Available
The Paycheck Protection Program provides small business loans with up to 100% forgiveness to help businesses impacted by COVID-19.
Funds are limited and will be disbursed on a first come, first served basis.
Are my gambling winnings that were reported on Form W-2G fully taxable ?
Answer:
Yes. You must report the total amount of your gambling winnings from Form W-2G as miscellaneous income on IRS Form 1040 page 1. However, you are allowed to deduct gambling losses up to the amount of the winnings as another itemized deduction on IRS Schedule A.
Interested in more Gambling Winnings & Losses Questions?
- Will my Gambling winnings of $700 be reported to the IRS ?
- Will the $1,000 I won at Keno be reported to the IRS ?
- Is the $1,000 I won on the slot machines in Las Vegas reportable to the IRS ?
- Is the $1,000 I won at Bingo reportable to the IRS ?
- Are my gambling winnings from the lottery subject to backup withholding ?
