Gambling and Taxes

All gambling winnings are taxable. 

For 2025, casinos, etc. will file Form W-2G for winnings of $1,200 or more with the IRS.

Beginning in 2027 the threshold is raised to $2,000 and adjusted annually for inflation. 

On-line sports betting will file for winnings of $600 or more. 

Gambling losses can be claimed only by those that itemize deductions. 

For 2025, losses are deductible up to the extent of winnings.

Beginning in 2026, only 90% of losses can be used to offset winnings.