Is there any information you can give me that would help smooth some of this confusion, out?
A US citizen must declare all Blackjack winnings on his tax return from each winning session of Blackjack. So, you should keep:. So, there are major tax implications of winning lots and then breaking even because your taxable income is much higher. Depending on the amount of your winnings, you may receive one or more Forms W-2G, which reports the amount of your winnings, as well as the amount of tax that was withheld, if any. If the institution does not issue this statement, you are not absolved from reporting your winnings. More from the PA Department ratf Revenue site:If you win big while gambling in Las Vegas or Reno, you do not get to keep every penny of your winnings. Gambling winnings are taxable, and. All gambling winnings are taxable income. Find out what is considered gambling income and how much tax you have to pay on your gambling winnings. Deduct. The full amount of gambling income, less the cost of the winning bet, is included on the tax return. "The amount of income from a winning bet or.