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The Live casino winnings gaming industry is booming.
New casinos and sports betting parlors are popping up across the country, Las Vegas is thriving, lotteries are popular and online gambling is big.
There are certainly plenty of opportunities to plunk down a bet if you enjoy gambling.
And, if that's your thing, we hope you come home a winner.
However, if you are lucky enough to win some cash from a smart bet, don't forget that Uncle Sam wants his cut, too.
So, before you run out and spend your jackpot, here are 8 things to remember about taxes on gambling winnings.
If you win a non-cash prize, such as a car or a trip, report its fair market value as income.
And, please, make sure you report all your gambling winnings.
The IRS isn't hunting down small-time winners, but you still don't want to think of yourself as a tax cheat.
Your reportable winnings will be listed in Box 1 of the W-2G form.
If a W-2G is required, the payer casino, racetrack, etc.
One of them must be a photo ID.
You'll also have to provide your Social Security number or, if you have one, an individual taxpayer identification number.
In some cases, you'll get the W-2G on the spot.
Otherwise, for this year's winnings, the payer must send the form to you by January 31, 2020.
In any event, if your bet was with a casino, we're fairly certain you'll get the W-2G.
But if your bet was just a friendly wager with a friend … well, don't count on it.
Special withholding rules apply for winnings from bingo, keno, slot machines and poker tournaments.
The amount withheld will be listed in Box 4 of the form you'll receive.
You'll also have to sign the W-2G stating, under penalty of perjury, that the information listed on the form is correct.
When you file your 1040 next year, include the amount withheld on line 16 as federal income tax withheld.
It will be subtracted from the tax you owe.
You'll also have to attach the W-2G form to your return.
Again, please click for source is what to expect when you plunk down a bet at a casino or with some other legally operated gaming business … don't expect your buddy to withhold taxes live casino winnings the money you win from a friendly wager although, technically, he or she should.
SEE ALSO: Did you have a bad night at the blackjack table or pick the wrong horse to win?
There's a silver lining if you lose a bet or two—your gambling losses might be deductible.
Gambling losses include the actual cost of wagers plus related expenses, such as travel to and from a casino.
There are a couple of important catches, though.
First, unless you're a professional gambler more on that in a secondyou have to itemize in order to deduct gambling losses itemized deductions are claimed on.
Since the basically doubled the standard deduction, most people aren't going to itemize anymore.
So if you claim the standard deduction, you're out of luck twice—once for losing your bet and once for not being able to deduct your gambling losses.
Second, you can't deduct gambling losses that are more than the winnings you report on your return.
If you townsville accommodation casino totally down on your luck and had absolutely no gambling winnings for the year, you can't deduct any of your losses.
If you're a professional gambler, you can deduct your losses as business expenses on without having to itemize.
However, a note of caution: An activity only qualifies as a business if your primary purpose is to make a profit and you're continually and regularly involved in it.
Sporadic activities or hobbies don't qualify as a business.
SEE ALSO: Gambling winnings and losses must be reported separately.
SEE ALSO: To help you keep track of how much you've won or lost over the course of a year, the IRS suggests keeping a diary or similar record of your gambling activities.
You should also keep other items as proof of gambling winnings and losses.
For example, hold on to all W-2G forms, wagering tickets, canceled checks, credit records, bank withdrawals, and statements of actual winnings or payment slips provided by casinos.
SEE ALSO: If you receive a along with your gambling winnings, don't forget that the IRS is getting a copy of the form, too.
So the IRS is expecting you to claim those winnings on your tax return.
If you don't, the tax man isn't going to be happy about it.
Deducting large gambling losses can also raise red flags at the IRS.
Remember, casual gamblers can only claim losses as itemized deductions on up to the amount of their winnings.
It's a slam dunk for IRS auditors if you claim more losses than winnings.
Be careful if you're deducting losses ontoo.
The IRS is always looking for supposed "business" activities that are really just hobbies.
SEE ALSO: If you look carefully at you'll notice that live casino winnings are boxes for reporting state and local winnings and withholding.
That's because you may owe state or local taxes on your gambling winnings, too.
The state where you live generally taxes all your income—including gambling winnings.
However, if you travel to another state to plunk down a bet, you might be surprised to learn that the other state wants to tax your winnings, too.
And they could withhold the tax from your payout live casino winnings make sure they get what they're owed.
You won't be taxed twice, though.
The state where you live should give you a tax credit for the taxes you pay to the other state.
You may or may not be able to deduct gambling losses on your state tax return.
Check with your state tax department for the rules where you live.
SEE ALSO: 1100 13th Street, NW, Suite 750 Washington, DC 20005 live casino winnings.
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