Many times when people go to file their taxes, they find that they have more deductions that the average person; some of them good and some are not so good! Many times when people take their taxes to a professional tax company, they find that many people have in their income taxes, gambling losses. In fact, many times for their income taxes gambling losses help lower their annual income or amount owed.
When it comes to your income taxes, gambling losses do not have to be claimed. However, when you win any amount of gain must be claimed on your taxes. In fact, if you do not claim any of your winning, you could be prosecuted. It is against the law to not claim all of your income, even if it does come from gambling! When it comes to income taxes gambling losses and gains, there are many different types of losses you can have. In fact, you may have gains or losses from the lottery, raffles, dog and horse tracks, and casinos. In addition, you will have to collect taxes on things that are won as prizes, as well, such as cars, boats, trips, or even houses.