Gambling income refers to both cash winnings and the reasonable value of prizes won like shopping vouchers, vacation trips, cars, electronics, and so on. Collectively termed “gambling income”, this includes but is not limited to payouts from casinos, race tracks, raffles, lotteries, sports betting, poker, and, surprisingly, fantasy sports. As per the federal taxman (aka IRS), gambling winnings in New Jersey and pretty much any other state is considered taxable income. What Happens If You Don’t Report Your Gambling Income?Īre Gambling Winnings Taxable in New Jersey?.Tax Obligations of Professional Gamblers in New Jersey.Are Sports Betting Winnings Taxable in New Jersey?.How Much Tax Do You Pay for Lottery Winnings in New Jersey?.What is the Gambling Tax Rate in New Jersey?.How Do I Report My Federal Gambling Income in New Jersey?.What is the Federal Tax Income Withholding Rate for Gambling Winnings in New Jersey?.Are Gambling Winnings Taxable in New Jersey?.For instance, if you land the mini, mega, or major jackpot playing your favorite slot machine, you have to report your payout as income.

This doesn’t matter if the casino reports the winnings on your behalf or not. The cardinal rule of gambling in NJ is that you must report any and all of your winnings to the federal government and the Garden State. Rule #1: You Must Report All of Your NJ Gambling Winnings! We’ll also cover what you ought to know about the New Jersey state and federal laws regarding gambling income and taxes. Read on as we’re going to answer these questions and more about gambling tax responsibility in New Jersey. Are all gambling winnings taxable income in New Jersey? How much is New Jersey gambling income taxed? What happens if you fail to report your gambling winnings in New Jersey?

Whether you land a fortune-changing jackpot win, walk away from Atlantic City casinos with some decent returns, or make bank at a gambling website, when you win in New Jersey, your gambling winnings are subject to both state and federal taxes.Īll forms of gambling income, whether you gamble at brick-and-mortar casinos, racetracks, or at NJ online poker sites, casinos, sportsbooks, and DFS, must be reported on New Jersey state and federal income tax returns. The sweet part of gambling in New Jersey is cashing your winning sports bet slips, lottery tickets, or earning profits at the NJ casinos, poker, and gaming tables.

Gambling losses income tax