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Lottery, Gambling, or Other Prize Winning Taxes

Navigation:  Home > Tax Law > Lottery, Gambling, or Other Prize Winnings

 

You must treat lottery, gambling, or other prize winnings as “other income” and pay taxes on it. However, under no circumstances, can you deduct gambling losses, even if the gambling was legal or you are a professional gambler unless you itemize deductions, in which case you may report substantiated losses up to the amount of winnings on Schedule A. (Substantiating requires maintaining a written document of gambling activities noting date, location, and wager amount, type of gambling, and winnings and losses).

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