The National Directory of Certified Public Accountants

Ask A CPA - Gambling Winnings & Losses

Will My Gambling Winnings Of $700 Be Reported To The IRS ?

Generally, gambling winnings are reported by the payer to the IRS on Form W-2G if the amount is $600 or more and at least 300 times the amount of the wager. The payer has the option of taking into account the wager in applying the $600 test.

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