Are gambling losses tax deductible? Here's what the IRS says

Gambling winnings are fully taxable and you must report the income on your tax return Gambling income includes but isn't limited to winnings from lotteries,

Lottery winnings are considered taxable income for both federal and state taxes Federal tax rates vary based on your tax bracket, with rates up to 37% Winning

irsh lottery If you win more than $5,000 in the lottery or certain types of gambling, 24% must be withheld for federal tax purposes You'll receive a Form W-

irs tax on lottery winnings IRS Topic No 419, Gambling income and losses F Federal Income Tax Withholding and Information Returns Federal income tax withholding from