Guide to Debt Cancellation and Your Taxes.
Get every deduction you deserve. However, the deduction for your losses is only available if you are eligible to itemize your deductions. Customer service and product support vary by time of year. Quicken products provided by Quicken Inc. Find out what you're eligible to claim on your tax return. XX Refund Processing Service fee applies to this payment method. Find your tax bracket to make better financial decisions.If you win, you may receive a Form W-2G, Certain Gambling Winnings, from the payer. The form reports the amount of your winnings to you and the IRS. You may deduct gambling losses only if you itemize your deductions on Form , Schedule A (PDF), and kept a record of your winnings and losses. IRS Summertime Tax Tip , July 6, Español. If you play the ponies, play cards or pull the slots, your gambling winnings are taxable.