Question: Do I have to report Gambling Income?
Answer: Yes! Gambling winnings and losses include lotteries, raffles, bets on athletic contests, bingo, bets on horse or dog racing, and all casino wagering, among other activities. Office pools and similar personal wagering activities are not included.
Form W-2G must be issued by the payor when there is:
- $600 or more of winnings and the payout is 30 times or more greater than the stake.
- $1,200 or more in winnings from bingo or slot machines.
- $1,500 net winnings from keno.
- Any other net winnings over $5,000.
Gambling winnings must be reported as income even if no Form W-2G is issued.