Gambling income is subject to state and federal taxes but not FICA taxes.
That applies to winnings from casinos, lottery, horse racing betting, and sports betting.
Depending on how much a bettor wins, he or she might receive a W-2G Form from the gaming facility (casino, pari-mutuel operator, sportsbook, , online sportsbook, etc).
Expect to receive a W-2G form if your gambling winnings exceeded any of these thresholds in the previous calendar year:
What To Do If You Don't Receive A Form W-2G In Maryland?
Yes, but only if you itemize deductions on your federal income tax return.
That's not good news for most filers – after the 2017 Tax Cuts and Job Act passed, an estimated 90% use the standard deduction for their tax return and cannot deduct gambling losses.
Your gambling winnings from casinos, lottery, sports betting, and horse racing betting are all taxable.
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