Monday, March 12, 2012
Gambling Winnings
Gambling winnings are taxable but you can offset them with documented gambling losses. A great way to document your losses is to get a casino player's card which tracks all of your bets. At the end of the year you can request a report of all of your losses from the casino. The losses to the extent of winnings are deducted on schedule A (itemized deductions) of the the tax return.
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