IRS Summertime Tax Tip

Gambling winnings are fully taxable and must be reported on your tax return. All gambling winnings must be reported regardless of whether any portion is subject to withholding. In addition, you may be required to pay an estimated tax on your gambling winnings. For information on tax withholding on gambling income, refer to Publication 505, Tax Withholding and Estimated Tax. The IRS has a terrific article on gambling income which you can read in the IRS Newsroom.

When the unpaid tax on gambling winnings is a serious tax collection problem, call tax attorney Mitchell A. Port at 310.559.5259.