Marcellus Tax Planning

Stocks and Gambling Winnings

With the popularity of stock trading and gambling apps, many people have begun taking risks with their money from the comfort of their home.

Although these methods of earning money may seem similar (i.e.: risking losses in an effort to make gains) they are reported as income very differently.

Stock sales will be reported to you on a Form 1099-B.

Gambling winnings will be reported to you on a Form W-2G.

If you use an app, you can usually find these form in your account profile, though you may be expected to keep records of gambling losses yourself.

Or give Marcellus Tax Planning a call at (315) 687-4829 and we’ll be happy to explain the process.