Gambling Winnings Are Always Taxable Income (Cy-Fair Sun)

Gambling winnings are fully taxable and must be reported on your tax return. Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse and dog races and casinos, as well as the fair market value of prizes such as cars, houses, trips or other noncash prizes.

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Posted on: March 2nd, 2009

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