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    Oneill474's Avatar
    Oneill474 Posts: 427, Reputation: 2
    Full Member
     
    #1

    Jul 14, 2008, 04:57 AM
    Gambling winnings
    I know after you win they deducted taxes for withholding purposes. But how
    Are the winning taxed at the end of the year. Can they be listed as regular income on your 1040 at the end of the year. I know if you win, you can also submit your gambling losses too. Or is there a special dispensation regarding gambling
    Winnings.
    ScottGem's Avatar
    ScottGem Posts: 64,970, Reputation: 6056
    Computer Expert and Renaissance Man
     
    #2

    Jul 14, 2008, 06:14 AM
    Gambling winnings are taxed as regular income. They are added to your salary or other income. Gambling losses can be deducted from the winnings up to the total amount of winnings. Withheld amounts are added to your withholding from W2s.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
     
    #3

    Jul 14, 2008, 07:15 AM
    Gambling income is reported as other income. Gambling losses can be deducted only if you itemize your deductions.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,753, Reputation: 846
    Senior Tax Expert
     
    #4

    Jul 14, 2008, 10:30 AM
    The "Other income" is reported on Line #21 of Form 1040 or 1040NR.

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