Tom Meaglia, ChFC®

Chartered Financial Consultant


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Meaglia Financial Consulting

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July/August 2019

When Good Luck is Taxed

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You just won money in bingo, a state lottery or a casino and the first thing you’re thinking about is how your windfall will be taxed. Okay, maybe that’s not the first thing, but you should know how your winnings are taxed because underpaying them could cost you.

A Taxing Situation
When you have gambling winnings, the government becomes a financial partner of sorts. You may receive Form W-2G if your winnings exceed a certain figure, but you’ll need to report the smallest amounts, even from a church raffle.

If you itemize on your tax return, you may deduct gambling losses up to the amount of your winnings. You should also keep a record of winnings and losses, including dates, names and locations of where you won or lost, in case you need to back up your tax return numbers.
Professional gamblers have different rules.

To learn more about your own tax circumstances, talk to a qualified tax professional.


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