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How Often Do Gambling Winnings vs. Gambling Losses Get Audited by the IRS? : Tax Law Questions Find out what is considered gambling income and how much tax you have to pay on your Taxes on Gambling Winnings and Deducting Gambling Losses. If you play the ponies, play cards or pull the slots, your gambling winnings are taxable. You must report them on your tax return. If you gamble. Gambling winnings are fully taxable and you must report the income on your tax return. Gambling income includes but isn't limited to winnings from lotteries.