Avoid Losing the Tax Game
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Gambling earnings are taxable. In some cases, the casino will withhold 25 to 28 perecent in taxes before paying out, or you’ll have to report your winnings to the IRS. The casino will also give you a W-2G form that shows how much you won and what taxes were taken out. At the end of the year, you’ll need to report your winnings, even if they’re small, such as $25 here and $300 there. So keep a diary and write down how much you spend and how much you win.