Gambling Winnings & Losses
Is the $300 I won in a charity raffle taxable?
Money won in a charity raffle is considered gambling winnings and is fully taxable and reportable on your tax return. It it should be indicated on IRS Form 1040, line 21 as other income.
Need Professional Help?
If you need help with "Gambling Winnings & Losses" or have other tax questions, we can help you find a local licensed tax preparer for a free, no-obligation consultation.