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Overlooked Tax Deductions: Gambling Losses 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. How to report winnings. You normally report your winnings for the year on your tax return as “Other Income.” You must report all your gambling. If you score big, you might even receive a Form W-2G reporting your winnings. The tax code requires institutions that offer gambling to issue Forms W-2G if you.