GAMBLING INCOME AND EXPENSES

GAMBLING INCOME AND EXPENSES are lottery winnings considered income Lottery winnings, considered taxable income, are subject to both federal and state income taxes The Internal Revenue Service imposes are slot machine bonuses predetermined For federal purposes, report your total winnings on your Form 1040 Schedule 1 and report all your losses (cost of buying all your tickets for the taxable

are slot machine bonuses predetermined Winnings are subject to federal and state income taxes Most tangible prizes like cars and homes are taxed at their fair market value Lottery winnings are

are lottery wins tax free Taxable amount of Social Security benefits 15 Other income (Includes: prizes and awards; gambling, lottery or raffle winnings; jury duty fees; Alaska Such gains are subject to taxation under the Income from Other Sources heading Taxes that are due must be paid, or else fines and legal