Legal gambling is available to more Americans than ever before, but gambling winnings result in taxable income. This video describes how gambling winnings are reported on the tax return, and how winners can reduce their tax liabilities on these winnings by keeping track of their gambling losses.

To learn more about itemizing deductions, click here: [ Ссылка ]

To learn all about Standard Deductions, click here: [ Ссылка ]

Additional information and resources:

IRS Form W2-G: "Certain Gambling Winnings": [ Ссылка ]

IRS Schedule 1: "Additional Income and Adjustments to Income": [ Ссылка ]

IRS Schedule A: "Itemized Deductions": [ Ссылка ]

List of Casinos in the United States: [ Ссылка ]

Lotteries in the United States: [ Ссылка ]

Investopedia: "Form W-2G: Certain Gambling Winnings, Guide, and Filing How-to's": [ Ссылка ]

The Tax Geek on Twitter: www.twitter.com@taxgeekusa

The Tax Geek on Reddit: www.reddit.com/r/askataxgeek

Image/Video Sources:

Storyblocks.com
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Wikimedia Commons
Tony Webster CC-SA 2.0

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Intro Music: "Bluesy Vibes" - Doug Maxwell - YouTube Audio Library

Outro Music: "Modern Attempt" - Track Tribe via YouTube Audio Library

DISCLAIMER: This video is for educational and informational purposes only. It is not intended to render tax advice or financial advice for individual situations. If you have questions regarding your particular situation, please consult with a qualified tax or financial professional.

The information in this video is current as of date of publication, and is subject to changes.

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