Are gambling losses deductible on federal tax

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If you itemize deductions, you can offset your winnings by deducting gambling losses.Ĭasinos send a W-2G form to the IRS for winnings above specific thresholds ($600 or more for most games). Report all gambling winnings as taxable income on your tax return. But the IRS? They’re going to want exact numbers.

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Betters understand the concept of win some, lose some.

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