Writing off gambling losses xd picture card slot You Can Deduct Gambling Losses Up to the Amount of Your Winnings. Although you must list all your winnings on your tax return, you don't necessarily have to. Gambling losses are indeed tax deductible, but only to the extent of your winnings. Find out more about reporting gambling losses on your tax return. Certain special rules apply to gambling income, and there are strict recordkeeping requirements. However, you may be able to deduct gambling losses.

Writing off gambling losses -

The rules described on this page are for the majority of people with gambling income, those who are not professional gamblers. Professional Gambling The rules for professional gamblers are different. Also, nonresident aliens of the United States can't deduct gambling losses. Get Your Tax Record. Employers engaged in a trade or business who pay compensation. Depending on the amount of your winnings, you may receive one or more Forms W-2G, which reports the amount of your winnings, as well as the amount of tax that was withheld, if any.

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Tax Deduction Tips & Advice : How to Use Gambling Losses as a Tax Deduction

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