Do You Pay Taxes on Gambling Winnings? Why Gambling Winnings Are TaxableGambling winnings increase your wealth. CarsElectronicsTripsMerchandiseHow Gambling Winnings Are TaxedGambling winnings are treated like wages. Today's Top OffersHow To Report Gambling Winnings on Your Tax ReturnYou generally report winnings first and then losses. Taxes on Gambling Winnings: FAQs Gambling winnings can raise a lot of tax questions — here are clear answers to the most common ones.