Steve and Matt Bourie, from the American Casino Guide book, interview Russell Fox, one of the nation’s leading experts on gambling and taxes.
They discuss how all U.S. gamblers, including: lottery winners, casino players, sports bettors, and others could be responsible for paying three different types of taxes on their gambling wins: federal, state and city. They also delve into how players could very easily be taxed on money that they actually didn’t win!
Fox explains how gambling wins are treated by the IRS, how gambling losses can be deducted, and what kind of information is needed to provide proof of losses. They also discuss the same issues for state and city taxes, plus how you might be able to get some of those taxes refunded if you are not a resident of the state or city where you won the money.