Gambling Revenue Sets New Highs, Winnings Taxable As Millions File Returns
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Gambling revenue hit record highs in 2023, with commercial casinos winning $66.5 billion and total gambling revenue estimated around $110 billion when tribal casinos are included.
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Gambling winnings are considered taxable income, even if you lost money overall. You must report all winnings.
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You can deduct gambling losses up to the amount you won, if you itemize deductions on your tax return.
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If you owe taxes but can't pay, file anyway by April 15 and explore IRS payment plans. Penalties apply for late filing and payment.
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Tax code changes taking effect in 2024 like higher standard deduction could mean tax refunds for some filers next year.