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Are gambling winnings taxable income?

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Christopher Robbins
(@chrisrob)
Active Member
Joined: 3 years ago
Posts: 17
Topic starter  

This may be a dumb question, but I don't do a lot of gambling. Anyway, if you do win via gambling, is that income taxable? I have a feeling you do need to take out tax on that. 

How much tax is taken out when you win the lottery? Or from gambling? 


   
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Holly Stewart
(@hollystewart)
Active Member
Joined: 3 years ago
Posts: 13
 

Yes it is taxed.  Your accountant or tax preparer will be able to handle it.


   
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Lucas Brown
(@lucas)
Estimable Member
Joined: 3 years ago
Posts: 133
 

You get taxed a about 25% of your total winnings. If you are good with taxes though, you can use all the money spent gambling be it at casinos or on scratch-offs and get that written off or deducted. This is what I have heard anyway.


   
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