Hollis, NH Resident Hits the Jackpot
Experiencing a big win, whether in a casino, poker tournament, or through some other gambling venture, can feel great. It is important to know that the money that you earn through gambling is taxed by the IRS. By planning accordingly, you can be sure you won’t have any costly surprises at the end of the year. Gambling winnings are considered taxable income in most states, whether this is paid by cash, check, or electronically. This should be accounted for in the income reported for in the year that the money was won, paying the appropriate taxes on this windfall.