Know your tax hand when it comes to gambling

This article was published June 11, 2018 at 4:00 a.m.

A royal flush can be quite a rush. But the IRS casts a wide net when defining gambling income. It includes winnings from casinos, horse races, lotteries and raffles, as well as any cash or prizes (appraised at fair market value) from contests. Those who participate in any of these activities must report such winnings as income on their federal return.

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