SIMPLE. FAST. ACCURATE
Support Center > Knowledge base> Article: New Jersey Net Gambling Winnings

New Jersey Net Gambling Winnings

Article ID: 60228 Email Print
Question
New Jersey Net Gambling Winnings

Answer
 

Net Gambling Winnings

 

Enter your net gambling winnings. You can subtract gambling or lottery losses from your winnings that occur in the same year. If the net amount is zero or less, make no entry. If you net gambling winnings with gambling losses, include a statement to that effect.

 

Common types of gambling winnings include:

 

All casino and track betting

 

New Jersey Lottery winnings (only individual prizes exceeding $10,000)

 

Any multistate lottery in which New Jersey participates (Mega Millions, Powerball), but only individual prizes exceeding $10,000

 

All out-of-state lottery winnings regardless of amount

 

If you net gambling winnings with gambling losses, you may be required to substantiate the losses used to offset your winnings.

 

Acceptable proof of losses includes:

 

Casino win/loss statements

 

Daily log or journal of wins and losses

 

Canceled checks

 

Losing racetrack pari-mutuel tickets

 

Losing lottery tickets

 

For more information, see Technical Bulletin TB-20(R).

 

Part-Year Residents. Include only amounts you received while you were a resident of New Jersey.

 

related articles

Article Details
Views: 1499 Created on: Jun 15, 2013
Date updated: Jan 10, 2019
Posted in: States, New Jersey

Poor Outstanding