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when doing your taxes, do you have to report any internet gambling winnings?

Question by loweschevrolet: when doing your taxes, do you have to report any internet gambling winnings?

Answer by kellbrntt61
Legally, you must report ALL taxable income from any source. This would include internet gambling. Any losses may offset the winnings IF you itemize.

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3 Responses

  1. Yes. You may deduct documented losses against your winnings, but must report the gross winnings as income.

  2. Under the internal revenue code income is defined as all income from whatever source derived.

    Yes – you must report internet gambling – even if you did not receive form 1099

  3. bigdaddy297814569

    yes, but you can offset with gambling losses

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