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Form 5754 (Rev. September 1997). Statement By Person(s) Receiving Gambling Winnings
Get Form 5754 (Rev. September 1997). Statement By Person(s) Receiving Gambling Winnings
Ry Internal Revenue Service Date won Part I Payers of gambling winnings should see the separate Instructions for Forms 1099, 1098, 5498, and W-2G. Type of winnings Game number OMB No. 1545-0239 Return to payer. Do not send to the IRS. Machine number Race number Person to Whom Winnings Are Paid Name Address Taxpayer identification number Part II Other I.D. Amount received Federal income tax withheld Persons to Whom Winnings Are Taxable (continued on page 2) (a) Name (b) Taxpayer id.
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Applicable FAQ
Depending on the amount you win and the kind of wager you place, you may receive a Form W-2G reporting your winnings to both you and the IRS.
Depending on the amount you win and the kind of wager you place, you may receive a Form W-2G reporting your winnings to both you and the IRS.
The full amount of your gambling winnings for the year must be reported on line 21, Form 1040. If you itemize deductions, you can deduct your gambling losses for the year on line 27, Schedule A (Form 1040).
Gambling winnings are fully taxable and you must report the income on your tax return. Gambling income includes but isn't limited to winnings from lotteries, raffles, horse races, and s. It includes cash winnings and the fair market value of prizes, such as cars and trips.
The full amount of your gambling winnings for the year must be reported on line 21, Form 1040. If you itemize deductions, you can deduct your gambling losses for the year on line 27, Schedule A (Form 1040). Your gambling loss deduction cannot be more than the amount of gambling winnings.
A payer is required to issue you a Form W-2G, Certain Gambling Winnings if you receive certain gambling winnings or have any gambling winnings subject to federal income tax withholding.
Purpose of form. You must complete Form 5754 if you receive gambling winnings either for someone else or as a member of a group of two or more people sharing the winnings, such as by sharing the same winning ticket.
When you win, the payer is required to give you a Form W-2G. Online betting sites may issue a Form 1099-MISC, or if you receive your winnings through third-party payment apps such as PayPal, Venmo, or CashApp, you may receive a Form 1099-K.
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