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Anthony J. Bardi
Registered Representative
Enrolled Agent, LTC# 454
Tax and Financial Solutions, Inc.
151 SE 223rd Avenue
Gresham, OR 97030
Phone: 503-666-7909
July/August 2019
When Good Luck is Taxed
You just won money in bingo, a state lottery or a casino and the first thing you’re thinking about is how your windfall will be taxed. Ok, maybe that’s not the first thing, but you should know how your winnings are taxed because underpaying your taxes could cost you.
A Taxing Situation
When you have gambling winnings, the government becomes a financial partner of sorts. You may receive a Form W-2G if your winnings exceed a certain figure, but you’ll need to report the smallest amounts, even from a church raffle.If you itemize on your tax return, you may deduct gambling losses up to the amount of your winnings. You also should keep a record of winnings and losses, including dates, names and locations of where you won or lost, in case you need to back up your tax return numbers. Professional gamblers have different rules.
Be smart with your winnings. Work with reputable financial and tax advisors to be sure your money is handled properly. Even small winnings can help pay off debt or build an emergency fund. Larger winnings could help secure your financial future.
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Tax and Financial Solutions, Inc. and LTM Client Marketing are unrelated companies. This newsletter was created by LTM Client Marketing and was not written or created by the named financial professional and does not necessarily represent the views and opinions of Avantax Wealth Management® or its subsidiaries.
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