Gambling WinningsĪ payer is required to issue you a Form W-2G, Certain Gambling Winnings if you receive certain gambling winnings or have any gambling winnings subject to federal income tax withholding. It includes cash winnings and the fair market value of prizes, such as cars and trips.
Gambling income includes but isn't limited to winnings from lotteries, raffles, horse races, and casinos. Gambling winnings are fully taxable and you must report the income on your tax return.
The following rules apply to casual gamblers who aren't in the trade or business of gambling.
