The dates and types of specific wagers.The IRS states that you're supposed to keep a diary or similar record that details your winnings and losses, which includes information such as: Whether you play the lottery, slots, blackjack, roulette or another game considered gambling, you must report all of your winnings even if you end up losing money overall. But before you report your prize and gambling income, you need to know what does and doesn't count as income. Your winnings end up being included in your taxable income, which is used to calculate the tax you owe. That means you might have to pay taxes on those winnings. Like all other taxable income, the IRS requires you to report prizes and winnings on your tax return, too. For information on the third coronavirus relief package, please visit our “ American Rescue Plan: What Does it Mean for You and a Third Stimulus Check” blog post.
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