Are gambling winnings taxable in New Jersey?

Yes, gambling winnings are taxable in New Jersey. The state considers gambling winnings as taxable income, regardless of whether they are obtained in-person at the casinos or through online gambling platforms. This applies to all types of gambling such as casino games, poker, lottery, and sports betting. It is essential for taxpayers to report their gambling winnings on their New Jersey state tax return, including winnings from out-of-state casinos. Failure to do so may result in penalties and interest. Moreover, it is important to keep track of gambling losses as they may be deducted from gambling winnings, subject to certain limitations and requirements outlined by the New Jersey Division of Taxation.