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 Instructions for FormsW 2G and 5754 Instructions for FormsW 2G and 5754 2020

For S 2020-2025 Form

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What is a W-9 tax form? What is a W-9 tax form?

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Instructions and help about for forms online

going over IRS form w2g uh certain gambling winnings so taxpayers who don't gamble will never see this tax form but if you did any sort of gambling whether you won the lottery whether you won a poker tournament whether you won betting on the ponies you're going to see this tax form if you won over a certain threshold of money so U before we get into the details of this tax form will kind of lay out the basic principles of how you would report gambling income so uh gambling income is reported uh unless you're a professional uh Gambler like a professional poker player generally gambling winnings are reported on schedule one of your tax return and it constitutes other income so you would report that so if you won $5,000 you would report $5,000 of of other income you can deduct uh losses with a couple of caveats so if you won $5,000 but you you bet $10,000 that year and you've got records so uh couple things one you have to keep records for audit purposes uh

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