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Topic: Form W-2G

Internal Revenue Service gives Five Important Tips on Gambling Income and Losses

 

Internal Revenue Service - IRSWashington, D.C. – Whether you roll the dice, bet on the ponies, play cards or enjoy slot machines, you should know that as a casual gambler, your gambling winnings are fully taxable and must be reported on your income tax return.

You can also deduct your gambling losses…but only up to the extent of your winnings. «Read the rest of this article»

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