Lady Luck must be Uncle Sam's cousin, because taxes must be paid on all gambling winnings.

Here's a look at the federal tax forms you'll need to share your good fortune with the Internal Revenue Service. And if you lost a few rounds before your numbers came up, there's a way you can turn those losses to your tax advantage.

Winning amounts matter
For recreational gamblers, requirements for reporting and withholding from a winning bet depend on the type of gambling, the amount won and the ratio of the winnings to the wager.
When you pocket $600 or more (and that amount is 300 times your bet) at a horse track, win $1,200 at a slot machine or bingo game, or take $1,500-plus in keno winnings, the payer must get your Social Security number and let the IRS know that you came into the extra income.

And while poker aficionados argue that the card game isn't gambling, but a game of skill, the IRS still wants details on how well you played Texas Hold 'Em. The IRS now requires all poker tournament sponsors to report competitors' winnings of more than $5,000.

The bottom line is if you are lucky enough to rake in a decent jackpot on a gambling transaction, you're going to have to give the IRS your tax information and, in many cases, you're not going to walk away with all the cash you won.

In addition to telling Uncle Sam that you were a winner and how much, the payer in these situations generally will reduce your payout by withholding federal taxes at the 25 percent rate. If you try to shortchange the IRS by refusing to furnish your Social Security number, the payer could take as much as 28 percent of your winnings right off the top to send to the tax collector.

In either instance, you'll get a Form W-2G showing the amount you won and, if applicable, how much in taxes you paid on it upfront.