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“Virginians who are lucky to have winning tickets in the state's lottery must include their winnings on their federal tax return,” said Jack G. Petrie, Internal Revenue Service District Director.
“Winnings from lotteries and raffles must be included as part of your income on line 22, Form 1040,” Mr., Petrie said. Other noncash prizes such as bonds, cars, and houses are to be reported at their fair market value. If you itemize your deductions on Schedule A, you may deduct gambling losses you had during the year, but only up to the amount of your winnings,” Mr. Petrie added.
For certain kinds of gambling winnings, income tax is withheld at 20 percent of the proceeds (the amount of your winnings minus the amount of your bet). The following sources are subject to withholding:
• A state lottery where the proceeds are more than $5,000.
85.3%