We’re talking now to a specific subset of our readers: US residents who are wondering whether or not to declare last year’s gambling winnings on their tax returns.

Chances are, if you had a spot of luck in a casino, you’ll already have paid taxes and filled out the W-2G form. All major casinos routinely provide them to anyone winning $1200 or more on slots or bingo, or $1500+ from keno, or $600+ from other games if “the payout is at least 300 times the amount of the wager”. This is a flat 25% tax rate, but they add an extra 3% premium if you don’t give your social security number.

On the other hand, if your winnings are less, or spread across the tax year, you may wish to declare them as “other income” on your 1040 form. This will put the tax rate at its normal level for income (i.e., the same rate that you’d pay anyway — unless your gambling income is enough to place you in the next highest tax bracket!).

If you want to go the route of itemizing deductions, you may also factor losses into your tax return. Gambling losses are accounted for on the 1040 Schedule A “miscellaneous itemized deduction” section, and of course you’ll need to submit receipts or other pertinent records (not that the IRS doesn’t trust you, but…).