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Get your taxes done using TurboTax
Right. He's required to report the W-2G exactly as printed, which shows a $56,520 reportable gain. Then one enters the "costs" (losses) to reduce the amount of reportable gain that is taxable. Remember, there is a difference between reportable gain, and taxable gain. All reportable gain is not necessarily taxable. However, all taxable gain is reportable.
‎June 4, 2019
2:58 PM