Legal Question in Tax Law in California

taxing gambling winnings

Can you tell me if the federal government and state of calif will tax gambling winnings if that is the only income you have and it doesn't exceed $10,000.? Also I received an inheritance of $200,000. from my late mothers trust. The reason she had a trust was to avoid taxes and probate. Will I get taxed on my inheritance?


Asked on 2/09/09, 6:52 pm

1 Answer from Attorneys
Michael Stone Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE

Re: taxing gambling winnings

Inheritance tax, if any, is paid by the estate. All gambling winnings are taxable. You can deduct gambling losses if you keep very detailed records, and the amount deducted is equal or less than your gambling winnings.

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Answered on 2/09/09, 6:57 pm


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