Whether you roll the dice, play cards or bet on the ponies, all your winnings are taxable. The IRS offers these six tax tips for the casual gambler.
To learn more about this topic, see Publication 525, Taxable and Nontaxable Income. Also, see Publication 529, Miscellaneous Deductions. Both are available at IRS.gov or by calling 800-TAX-FORM (800-829-3676).
Additional IRS Resources:
IRS YouTube Videos:
December 10 (Employees who work for tips)
If you received $20 or more in tips during November, report them to your employer - Details
December 16 (Corporations)
Deposit the fourth installment of estimated income tax for 2013 - Details
December 25 (Everyone)
Federal Holiday (Christmas Day) - Details