​Gary Wilson,CPA

Westerville CPA Tax Preparation

614-361-4760


Westerville CPA Serving Central Ohio with accounting, bookkeeping, and tax preparer services. We're here to make the accounting process user friendly! ​​

​​

Gahanna Ohio Tax Preparation
New Albany Ohio Tax Preparation
Worthington Ohio Tax Preparation
Dublin Ohio Tax Preparation
Hilliard Ohio Tax Preparation
Lewis Center Ohio Tax Preparation
Polaris Columbus Ohio Tax Preparation
Powell Ohio Tax Preparation
Gahanna Ohio Tax Preparation
New Albany Ohio Tax Preparation
Worthington Ohio Tax Preparation
Lewis Center Ohio Tax Preparation
Polaris Columbus Ohio Tax Preparation
Westerville Ohio Tax Preparation
3rd party applications integrated with QuickBooks 
Accountant 
Accounting 
Bookkeeper 
Bookkeeping 
Computer/Software 
Construction/Contractors 
Consulting 
CPA (Certified Public Accountant) 
Financial Services 
Fixed asset management 
Income tax preparation/planning 
Intuit Payroll 
Lawn Care/Landscaping 
Legal 
Manufacturing 
Medical/Dental/Health Services 
Non Profit 
Payroll 
Property Management 
QuickBooks Basic, Pro, Premier 
QuickBooks Consulting 
QuickBooks Enterprise Solutions 
QuickBooks for Mac 
QuickBooks Online Edition 
QuickBooks Payroll 
QuickBooks Payroll Products 
QuickBooks phone consultation 
QuickBooks Point of Sale 
QuickBooks Premier: Contractor Edition 
QuickBooks Premier: Manufacturing and QuickBooks Premier: Nonprofit Edition 
QuickBooks Premier: Professional Services QuickBooks Premier: Retail Edition 
QuickBooks setup 
QuickBooks Simple Start Edition 
QuickBooks training/seminars 
Quicken 
Real Estate/Developer 
Restaurant/Bar 
Retail 
Tax & Financial Planning 
Tax Preparer 

Gahanna Ohio CPA Tax Preparation 
New Albany Ohio CPA Tax Preparation
Worthington Ohio CPA Tax Preparation
Lewis Center Ohio CPA Tax Preparation
Polaris Columbus Ohio CPA Tax Preparation
Powell Ohio CPA Tax Preparation

Gambling Income and losses

IRS reporting of gambling income and losses.


Topic 419 - Gambling Income and Losses

The following rules apply to casual gamblers. Gambling winnings are fully taxable and must be reported on your tax return. Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse races, and casinos. It includes cash winnings and also the fair market value of prizes such as cars and trips. For additional information, refer to Publication 525Taxable and Nontaxable Income.

A payer is required to issue you a Form W-2G (PDF), Certain Gambling Winnings, if you receive certain gambling winnings or if you have any gambling winnings subject to federal income tax withholding. All gambling winnings must be reported on your Form 1040 (PDF) as "Other Income" (line 21), including winnings that are not subject to withholding. In addition, you may be required to pay an estimated tax on your gambling winnings. For information on withholding on gambling winnings, refer to Publication 505Tax Withholding and Estimated Tax.

You may deduct gambling losses only if you itemize deductions. However, the amount of losses you deduct may not be more than the amount of gambling income reported on your return. Claim your gambling losses on Form 1040, Schedule A (PDF) as an "Other Miscellaneous Deductions" (line 28) that is not subject to the 2% limit. A nonresident alien of the United States cannot deduct gambling losses on Schedule A of Form 1040NR (PDF).

It is important to keep an accurate diary or similar record of your gambling winnings and losses. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses. Refer to Publication 529,Miscellaneous Deductions, for more information.

If you are considered a nonresident alien of the United States for income tax purposes and you have to file a tax return, you must use Form 1040NR. Refer to Publication 519U.S. Tax Guide for Aliens, and Publication 901U.S. Tax Treaties, for more information.

Page Last Reviewed or Updated: August 19, 2014