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“You Gotta Ask Yourself, Do I feel Lucky?…Well do ya?”

clint eastwoodMany of you may be getting that lucky feeling while out gambling at one or both of Maine’s casinos. We would like to remind you that all winnings from any table games, slots, horse races, and lotteries, are taxable income and must be included on your income tax return.
Payers (i.e., Oxford Casino) may send to you a form W-2G reporting your gambling winnings. But taxpayers are responsible for reporting this income, even if you didn’t receive such a form.

If you are just an occasional gambler, you should report you gambling winnings as “Other Income” on your tax return.

If you itemize deductions, you can deduct your gambling losses on Schedule A. The amount you can deduct is limited to the amount you report as income. Do not reduce the winnings you report by your losses: you must report the total amount of winnings as income, and then report the losses on schedule A. If you wish to deduct your losses, you must keep accurate records of your gambling activity such as receipts and tickets. Keeping a diary of your winnings and losses would be very helpful in documenting your gambling activity. For More information about deducting gambling losses click here.

This entry was posted on Monday, August 12th, 2013 at 2:01 pm and is filed under News & Articles.

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