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Your winnings might be noncash — like a vacation or a car. If so, you must include its fair market value FMV when figuring your income. If you itemize your deductions, you can deduct your gambling losses for the year on Schedule A. However, you can only deduct your loss up to the amount you report as gambling winnings. So, you should keep:. Withholding is required when the winnings, minus the bet, are:. You should receive a copy of your Form W-2G showing the amount you won and the amount of tax gambling win taxes. Do I have to pay taxes on a gift?
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The Tax Institute Our experts share insights on the latest tax topics. Read the Block Talk Blog Tips, hacks, and tax facts. To subscribe to our newsletter please enter your email address. I am not a robot.And it doesn't matter how much you win either -- you're technically required to report all of your gambling winnings and pay taxes accordingly. Learn more about the gambling winnings tax and form w-2g from the tax experts at H&R Block. Travel to Vegas and try to win big at the casino; but before you do, make sure you understand the tax laws that govern gambling winnings.