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.
You report gambling winnings as other income on line 21 of Form 1040, but you must itemize to deduct losing bets. If you have few other expenses to claim on Schedule A, it probably won't be worth sacrificing your standard deduction amount just to limit or erase your taxable winnings. Do the math to make sure.