Before the casino hands over the money, they will make you fill out a W2-G form which lists your name, address and Social Security Number. Whether you won or lost money last year, keeping a proper record of your wins and losses is very important if you plan to keep more of your winnings at the end of the year.Īssuming you had a lucky day last year and hit a jackpot of $40,000. Hope you kept a logbook of your play throughout the year.
TAX TIME and if you don't already know, gambling winnings are taxable income.
