Tag Archives: Form W-2G

How to Report Gambling Winnings with a Form W-2G

Do you participate in fantasy sports leagues, sometimes buy raffle tickets or occasionally play cards for money? If so, you may have ‘gambling winnings’ even if you don’t consider yourself a gambler. Any type of prize, including cash, that you win by an activity that the IRS classifies as gambling must reported on your tax return and counted as income. For the purposes of tax reporting, gambling activities include: Lotteries Raffles Drawings Horse races Casinos Wagering Card games Bingo, Keno and other games Sports betting (including fantasy football) All other types of betting, wagering or gambling For non-cash prizes and