Figuring out how to pay taxes on gambling wins can be difficult for many tax clients, not to mention how to account for the losses.
A new infographic from CommunityTax, a tax resolution and preparation company, provides a high-level guide to which records gamblers should retain for games such as keno, slots, racing and the lottery. The graphic also illustrates which forms to file with the IRS, when gaming providers are obligated to supply a Form W2-G, and when to take a deduction for gambling losses.
The infographic is available at
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