IRS Summertime Tax TipAugust 29, 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. Taxpayers can only claim deduction on losses equal to or less than their winnings. Refer to IRS PublicationMiscellaneous Deductions, for more details about the type of information you should write in your diary and what iff of proof you should retain in your writiing.
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