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Reporting Gambling Winnings and Losses
Gambling winnings are fully taxable and you must report the income on your tax Income, or review How Do I Claim My Gambling Winnings and/or Losses? The amount of losses you deduct can't be more than the amount of gambling. You can also deduct your gambling losses but only up to the extent of your winnings. Here are five important tips about gambling and taxes: Gambling income. Gambling winnings include not only the money you win, but the fair market value of any You Can Deduct Gambling Losses Up to the Amount of Your Winnings or more than, you won during the year, your losses will offset your winnings.