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14 Dec 2018 ... For example, if a taxpayer won $5,000 in a casino for federal tax purposes they could deduct losses up to the full amount of winnings.
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You can write off gambling loss? | Yahoo Answers
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Sep 08, 2006 · Answers. The IRS has a simple rule for gambling losses; you can only claim deduction on losses equal to or less than your winnings. For example, you win $300 and then lose $700 in gambling for a tax year. You can only claim up to $300 in losses, no more. The only good thing happens to be that IRS is not too particular about how you lost your money as...
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Gambling Winnings Income Taxes, Taxable Income from Gambling All gambling winnings are taxable income. Find out what is considered gambling income and how much tax you have to pay on your gambling winnings. Deduct ... Deducting Gambling Losses | Nolo All gambling winnings are taxable income—that is, income that is subject to both federal and state income taxes (except for the seven states that have no income ... Tax reform law deals pro gamblers a losing hand - Journal of ... Sep 30, 2018 ... While all taxpayers are required to report gambling winnings in gross income, what related deductions they can claim and in what way depends ... Play your tax cards right with gambling wins and losses - Sol Schwartz