How to Pay Taxes on Gambling Winnings and Losses

You are required to pay estimated taxes on all income on a quarterly basis, even if your gambling income and losses offset at year end For instance, if you won

Determine if your gambling winnings are exempt from federal income tax and if you're eligible to claim a refund of withheld taxes

docp251 However, if you're living the life of a professional poker player, you'll pay income tax on your winnings instead of the standard gambling tax

does canada have a visa lottery When indi- vidual players do not sustain net losses, at least in be most likely to expose a poker player to liability for income tax on his or her win-