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- The IRS requires you to report your gambling winnings on your federal income taxes.
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However, you can list your gambling losses as an itemized deduction on Schedule A in order to reduce your tax liability. You may owe less or even get money back if your total income falls below the 24% rate, which applies to incomes over $100,525 ($201,050 for married couples filing jointly) for the 2024 tax year. The numbers for the 2025 tax year are $103,350 and $206,700, respectively. You may receive W-2G forms from more than one gambling facility.