Yes, you have to report your gambling income. It is irrelevant how you received the income. Reporting is yearly, much like your W-2 is a compilation of your paychecks.
The IRS provides an interactive tax assistant to help you. The requirements below must have been met.
Gambling ITA
Diary or Similar Record
You must keep an accurate diary or similar record of your losses and winnings.
Your diary should contain at least the following information.
- The date and type of your specific wager or wagering activity.
- The name and address or location of the gambling establishment.
- The names of other persons present with you at the gambling establishment.
- The amount(s) you won or lost.
In addition to your diary, you should also have other documentation. You can generally prove your winnings and losses through Form W-2G, Certain Gambling Winnings; Form 5754, Statement by Person(s) Receiving Gambling Winnings; wagering tickets; canceled checks; substitute checks; credit records; bank withdrawals; and statements of actual winnings or payment slips provided to you by the gambling establishment.
This information is found in Publication 529, Miscellaneous Deductions
