Louisiana made its way back into the French Empire through a Treaty of San Ildefonso with Spain in 1800.
The following rules apply to casual gamblers. Gambling winnings are fully taxable and you must report them on your tax return. Gambling income includes but is not limited to winnings from lotteries, raffles, horse races, and casinos.It includes cash winnings and the fair market value of prizes such as cars and trips.owever, the amount of losses you deduct may not be more than the amount of gambling income reported on your return. Claim your gambling losses on Form 1040, Schedule A (PDF) as an Other Miscellaneous Deduction (line 28) that is not subject to the 2% limit.
Reporting Smaller Winnings. Even if you do not win as much as the amounts above, you are still legally obligated to report. You would also need to report any awards or prize money you won during the year in question. Yes, even if you only win $10, you still technically have to report it (even if the casino didnât). Gambling income plus your job income (and any other income) equals your total income. Fortunately, you do not necessarily have to pay taxes on all your winnings.