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ReadSports gambling winnings are subject to income tax and you must report them on your tax return, even if you don’t receive tax documentation for the gambling income.
Gambling agencies aren’t required to report your winnings unless you win at least 300 times what you bet and that amount is over $600 (or otherwise subject to federal income tax withholding). You, however, are required to report any and all winnings on your personal tax return.
You may be required to pay estimated tax payments if the agency did not withhold Social Security or Medicare taxes.
Reporting your gambling winnings is simple; just find the “Other Income” line on your Form 1040 and report the amount there. If you lost money gambling, you may be able to deduct that amount—losses can be claimed as an itemized deduction on Schedule A.
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