Under the Internal Revenue Code, "... individuals must include on their tax returns and pay tax on all income, including all gambling income, ... taxpayers, with the exception of some professional gamblers, are not allowed to ‘net’ their wins and losses"
You will have to report your gambling winnings reported to you on Form W-2G when you prepare your tax returns. You may report your gambling losses as an itemized deduction on your tax return. However, if you do not itemize your deductions then you can nor claim your gambling loss.
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