Gambling Winnings (and losses!)
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Legal gambling is available to
Legal gambling is available to more Americans than ever before, but gambling winnings result in taxable income. This video describes how gambling winnings are reported on the tax return, and how winners can reduce their tax liabilities on these winnings by keeping track of their gambling losses.
To learn more about itemizing deductions, click here: Can I Itemize Deductions?
To learn all about Standard Deductions, click here: What is my Standard Deduction?
Additional information and resources:
IRS Form W2-G: "Certain Gambling Winnings": https://www.irs.gov/pub/irs.pdf/fw2g.pdf
IRS Schedule 1: "Additional Income and Adjustments to Income": https://www.irs.gov/pub/irs.pdf/f1040...
IRS Schedule A: "Itemized Deductions": https://www.irs.gov/pub/irs.pdf/f1040...
List of Casinos in the United States: https://en.wikipedia.org/wiki/list_of...
Lotteries in the United States: https://en.wikipedia.org/wiki/Lotteri...
Investopedia: "Form W-2G: Certain Gambling Winnings, Guide, and Filing How-to's": https://www.investopedia.com/form-w-2...
The Tax Geek on Twitter: www.twitter.com@taxgeekusa
The Tax Geek on Reddit: www.reddit.com/r/askataxgeek
Image/Video Sources:
Storyblocks.com
Pexels.com
Wikimedia Commons
Tony Webster CC-SA 2.0
The images of "Marty" and "Edward" were generated by thispersondoesnotexist.com (stability.ai) and any resemblance between these images any any person, living or dead, is coincidental and not intended. No other artificial intelligence was used to research, write, animate, voice, or edit this video
Any trademarks shown in this video are the intellectual property of their respective owners and are used for illustrative purposes only, and does not imply any sponsorship or endorsement.
Intro Music: "Bluesy Vibes" - Doug Maxwell - YouTube Audio Library
Outro Music: "Modern Attempt" - Track Tribe via YouTube Audio Library
DISCLAIMER: This video is for educational and informational purposes only. It is not intended to render tax advice or financial advice for individual situations. If you have questions regarding your particular situation, please consult with a qualified tax or financial professional.
The information in this video is current as of date of publication, and is subject to changes.
To learn more about itemizing deductions, click here: Can I Itemize Deductions?
To learn all about Standard Deductions, click here: What is my Standard Deduction?
Additional information and resources:
IRS Form W2-G: "Certain Gambling Winnings": https://www.irs.gov/pub/irs.pdf/fw2g.pdf
IRS Schedule 1: "Additional Income and Adjustments to Income": https://www.irs.gov/pub/irs.pdf/f1040...
IRS Schedule A: "Itemized Deductions": https://www.irs.gov/pub/irs.pdf/f1040...
List of Casinos in the United States: https://en.wikipedia.org/wiki/list_of...
Lotteries in the United States: https://en.wikipedia.org/wiki/Lotteri...
Investopedia: "Form W-2G: Certain Gambling Winnings, Guide, and Filing How-to's": https://www.investopedia.com/form-w-2...
The Tax Geek on Twitter: www.twitter.com@taxgeekusa
The Tax Geek on Reddit: www.reddit.com/r/askataxgeek
Image/Video Sources:
Storyblocks.com
Pexels.com
Wikimedia Commons
Tony Webster CC-SA 2.0
The images of "Marty" and "Edward" were generated by thispersondoesnotexist.com (stability.ai) and any resemblance between these images any any person, living or dead, is coincidental and not intended. No other artificial intelligence was used to research, write, animate, voice, or edit this video
Any trademarks shown in this video are the intellectual property of their respective owners and are used for illustrative purposes only, and does not imply any sponsorship or endorsement.
Intro Music: "Bluesy Vibes" - Doug Maxwell - YouTube Audio Library
Outro Music: "Modern Attempt" - Track Tribe via YouTube Audio Library
DISCLAIMER: This video is for educational and informational purposes only. It is not intended to render tax advice or financial advice for individual situations. If you have questions regarding your particular situation, please consult with a qualified tax or financial professional.
The information in this video is current as of date of publication, and is subject to changes.
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