#5 Mistake: Overlooking gambling winnings
News flash: gambling winnings are a taxable income. Your lucky night at the casino means more than two happy pockets—because Uncle Sam wants his cut too. 🙂 You must report your gambling winnings on line 8 of Schedule 1 (Form 1040).
There’s some good news too: some gambling losses are deductible. Bear in mind that gambling winnings and losses must be reported separately. . Remember to always gamble responsibly, if you can’t afford to lose it, don’t gamble with it.
