Are Gambling Winnings Taxable?

Here is something you can bet on and win every time. The Internal Revenue Service (IRS) wants you to report and pay taxes on all your income. Yes, that includes the income that's not reported by a third party. It's a common misconception, that if you don't receive a tax document you don't have to report it. But that is not true. This means yes, gambling winnings are taxable income.

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