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Topic Number 419 - Gambling Income and Losses. The following rules apply to casual gamblers who aren't in the trade or business of gambling. Gambling winnings are fully taxable and you must report the income on your tax return. Gambling income includes but isn't limited to winnings from lotteries, raffles, horse races, and casinos.
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Professional Gambler Phil Ivey banked $9 million in April 2014, but his was hardly the first or largest major win. Though the house has a substantial edge, a few gamblers have been able to strike it big. Cynthia Jay was a cocktail waitress at the Monte Carlo casino in Las Vegas. On January 26, 2000 ...
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Everyone always reminds you to play your jackpot because it can be easy to forget the $1 ante for it. Sometimes people will offer to play your jackpot if you say you don't want to. I mean the whole point of playing casino games is the hope of winning big.
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