Thursday, January 03, 2013

Gambling Income and Losses - Taxes

http://www.irs.gov/taxtopics/tc419.html


Gambling losses are indeed tax deductible, but only to the extent of your winnings. This requires you to report all the money you win as taxable income on your return. However, the deduction for your losses is only available if you are eligible to itemize your deductions. If you claim the standard deduction, then you can't reduce your tax by your gambling losses.

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