How to Not Pay Taxes on Gambling Winnings
After winning big at the lottery or casino, taxes may be the last thing on your mind. Unfortunately, they're there anyway--the IRS wants their share. From betting on football games or slots online to horse races betting and raffles; all gambling earnings are taxed as income according to IRS standards - whether money from lotteries, casinos, sports betting, raffles or raffle prizes including cars and trips as well as noncash prizes won in lotteries or raffles! If you are a winner at gambling business, an IRS tax form known as W-2G should be issued to you as part of their payout. This form shows how much was won and any federal income taxes withheld; you should receive this either onsite at the business or via mail after it has been sent off to IRS. Alternatively, raffle or sweepstake prize winnings might get issued with Form 1099-MISC instead; in which case it must be filled out separately and submitted directly to…
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