About once a year I get asked, “I won some money gambling, but I didn’t get a W-2G. Do I really have to declare that income?”
The answer is easy: All income is taxable unless Congress exempts it, and gambling income isn’t exempt. Not receiving a tax form doesn’t mean you don’t have to report the income.
Taxdood has written an introduction to taxes for gambling; the second of several posts appeared yesterday. It makes an excellent primer.
Tags: Taxdood