What is a W-2G form used for?
The IRS W-2G form is used for reporting gambling winnings. The IRS Form W-2G shows the amount of gambling winnings and any atx withheld from those gambling winnings. When gambling, remember to keep records of gambling winnings as well as gambling losses. Gambling winnings offset gambling losses.
Are winnings from lotteries and raffles included in W-2G form as gambling winnings?
Winnings from lotteries and raffles are included in gambling winnings.
How to deduct gambling losses?
Gambling losses can be deducted if the taxpayer itemizes their tax deductions on Schedule A. However, gambling losses can only be deducted for the year and up to the amount of thier gambling winnings.