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Five Important Tips on Gambling Income and Losses August 29, 2012 – IRS Summertime Tax Tip 2012-24 You can also deduct your gambling losses...but only up to the extent of your winnings. Appeals Court Rules IRS Can't Tax Some Gambling Winnings When you add that it's gambling winnings we're talking about, the idea that anything isn't taxed is, well, too good to be true. ... Appeals Court Rules IRS Can't Tax Some Gambling Winnings. Robert ... How Are Gambling Winnings Taxed? | The TurboTax Blog
Taxes on Gambling Winnings and Deducting Gambling Losses. In gambling, there are winnersThe easiest and most accurate way to find out how to report your gambling winnings and losses isAny sweepstakes, wagering pool (including payments made to winnners of poker tournaments), or lottery.
"The amount of income from a winning bet or wager is the full amount of the winnings less the cost of placing that winning bet or wager," reports Robert McKenzie in his in-depth article on "Gambling and Taxes." The cost of losing bets are reported elsewhere on the tax return as gambling losses.
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