games  taxes


Question by  Becky (20)

What do I need to know about my gambling winnings and the IRS tax rate?

I have won a substantial amount of money via gambling and need to know what to expect from the irs.


Answer by  acehuman (19)

you shouldnt expect to much from the irs you should have fun with the money and file your taxes and save at least 25% of it for the taxes to be paid on it


Answer by  olive49 (424)

Check with your tax preparer, but you will need to claim the money won as income on your tax return. If it is a substantial amount and will cause you to owe money in taxes you should make an estimated payment to avoid penalties.


Answer by  Chaneygirl (1755)

Your gambling winnings will be added to your other income. It is impossible to to tell you the rate without knowing the amount of your other income (wages, interest, self employment, retirement, etc) and the amount of the gambling winning. If you have state income taxes, it would be taxable there as well.

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