Do you have to declare winnings from a slot machine on your taxes?

Answer by  gb82 (25)

Yes, gambling income must be declared. However, you can deduct your gambling losses up to the amount of your winnings. So if it took you $100 in quarters over the year to get that $300, you declare $300 income and take a $100 deduction on your Schedule A.

Answer by  Kdm (180)

You should claim all winnings on your tax return. Albeit tempting to say well they will never find out, that is not necessarily true. If you are in the 10% bracket you will pay roughly $30, depending on your other income. It isn't worth the risk to not pay.

Answer by  smedley (24)

You must declare all income including net gambling winnings. Prizes and winnings from gambling should be reported as other income on Form 1040 line 21.

Answer by  technogeek (6640)

In most instances, $600 is the minimum that must be declared for winnings on a tax return. Each state has different rules, so consult a tax pro in your state.

Answer by  Att4372 (1704)

You should report these winnings on line 21 (other income) of the 1040. If you itemize deductions, you claim losses on schedule A.

Answer by  Cecilia (2828)

The casino may send you a 1099G if they knew about the win. You are supposed to declare gambling income and expenses on your 1040. This might be a qood question for your tax preparer as everyone's situation is a little bit different.

Answer by  hdryder (12)

You wil be issued a W2-G from the casino that you won the money from and is considered part of your taxable income.