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Do Oon have to report this as income on my taxes this year? Nonetheless, taxpayers must still report such income, however small, to the IRS. It includes cash winnings and the fair market value of prizes such as cars and trips.
Here's an overview of Macau's gambling industry. Make sure you account for taxes and other hidden fees when claiming your prizes. Apply for Power of Attorney. This contrasts with losses in other businesses, where such losses can be used offset income from other businesses or even from employment income. Gambling businesses are required to report gross receipts over certain dollar amounts for each gambler. Refer to PublicationMiscellaneous Deductionsfor more taxes on gambling. Tax Treatiesfor more information.And it doesn't matter how much you win either -- you're technically required to report all of your gambling winnings and pay taxes accordingly. Gambling losses are indeed tax deductible, but only to the extent of your winnings. Find out more about reporting gambling losses on your tax return. How gambling winnings are taxed, how losses are deducted,what records must be kept, and what forms must be filed with the IRS.