Forbes reviews Huntington Press title Tax Help for Gamblers.
If, however, you’re one of the millions of taxpayers who do like to gamble on a casual basis, take heart. When it comes to taxes, the rules for casual gamblers aren’t terribly complicated.
The law requires you to report your gambling winnings no matter what the amount or whether it’s a legal bet. There’s no exception for illegal wagers: income is income so far as the Internal Revenue Service is concerned. Casual gamblers report their winnings on line 21 (other income) of a federal form 1040; the form 1040-EZ isn’t equipped to handle gambling winnings.
But what if you, like me, lose?
To read the full review, visit forbes.com.