Gambling winnings and the IRS

The full amount of gambling winnings for the year must be reported to the IRS, regardless of the amount, and regardless of whether OR NOT you receive a Form W-2G or other reporting form.

Bartering and the IRS

• Bartering is an exchange of property or services. The fair market value of goods and services exchanged is fully taxable and must be included as income on Form 1040 of both parties.