Gambling Winnings & Losses

Is the $300 I won in a charity raffle taxable?

Answer:

Money won in a charity raffle is considered gambling winnings and is fully taxable and reportable on your tax return. It it should be indicated on IRS Form 1040, line 21 as other income.
CPAdirectory
Answer Provided by: CPAdirectory

Share This Answer

Looking For More?

View all Gambling Winnings & Losses Questions

View More Questions