Win or lose: tell the IRS - KOTA Territory News

Win or lose: tell the IRS

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If you've won or lost big in the past year, it's time to fess up to the IRS.

Tax experts say its important to include any gambling wins or losses from the past year on your tax return.
You can even deduct your losses, and potentially save money depending on how you file your taxes.
But you only have to declare your winnings if you take home more than $600 from gambling, raffles or lotteries. If you've already filed your return, it may not be too late.

"You might want to check with your tax preparer and maybe you might have to do some amended forms and stuff because if you ever get audited and they find out you had gambling winnings and you didn't declare them as taxable income they might have to do penalties or interest," said Terry Mills, with Consumer Credit Counseling.

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