Is my gambling winnings taxable?

Yes, your gambling winnings are taxable in Washington. This includes all forms of gambling, such as playing in casinos, buying lottery tickets, or playing bingo. According to Washington state tax law, you must report all of your gambling winnings on your individual income tax return. Your lottery winnings, for example, are subject to a 25% federal withholding tax and a 9.2% state tax. Your other gambling winnings are also subject to a 15.3% federal withholding tax and a 9.2% state tax. You can also deduct any gambling losses you have throughout the year. These losses must be reported on your individual income tax return, and the total of your losses cannot exceed the total of your winnings. So, if you won $2,000 in one year, but you also lost $2,000 in the same year, you can deduct your entire amount of losses. When reporting your winnings, keep any receipts or tickets that you received, as these can be used to support your claim. They should also be kept for your own records. To sum up, your gambling winnings are taxable in Washington and must be reported on your individual income tax return. You can also deduct any losses that occurred throughout the year and keep any receipts or tickets as proof.

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Is my gambling winnings taxable?

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