If you’re among NJ players asking “what happens if I don’t report my gambling winnings,” keep reading for the answer and more.ġ) Gambling winnings are taxable in New JerseyĪre gambling winnings taxable in the Garden State? The answer is a resounding, yes – gambling winnings that meet a certain threshold are regarded as taxable and must be declared to the taxman. So, before you dash out and spend your windfall, here are key things you need to keep in mind about taxes on gambling losses and winnings. This is a reality for winnings made at both NJ online gambling sites, as well as land-based casinos in Atlantic City and elsewhere within the borders of New Jersey. If lady luck dances in your favor and you win some money from gambling, don’t forget that the Garden State taxman and Uncle Sam want their cut of the win, too.

What You Need to Know About Your Gambling Tax Obligations in New Jersey

Should You Deduct Your Gambling Losses?.

What Happens If I Don’t Report My Gambling Winnings?.

5) You Must Report All of Your Gambling Winnings in New Jersey.

4) Your Gambling Losses May Be Tax-Deductible!.

3) Federal Income Tax Withholding May Be Required.2) You may be issued with IRS Form W-2G.1) Gambling winnings are taxable in New Jersey.

What You Need to Know About Your Gambling Tax Obligations in New Jersey.

Nj non resident gambling tax