All gambling winnings are considered taxable income by the Internal Revenue Service, even if you aren't a professional gambler. How to report your winnings and lossesYour gambling winnings and losses are reported separately in your tax return. The reason for that "is to prevent tax filers from offsetting other income with gambling losses," says Razi. Why you probably won't actually claim gambling losses as a deductionThe only way to claim your gambling losses is to itemize your deductions, which most taxpayers don't do. What happens if you don't report your gambling winnings

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Persons: Romeo Razi, You'll, Razi Organizations: Internal Revenue Service, CNBC, IRS Locations: Las Vegas