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Get your taxes done using TurboTax
Hello @cb0183,
This is a great question! I'm glad you asked.
The total amount of winnings must be reported as income!
Losses can be deducted, up to the amount of winnings, but only if itemizing rather than using the standard deduction. The following TurboTax article does a great job at explaining how to report your winnings as well as how losses can be deducted:
I'm sure that this is not the answer you had hoped for, but I hope that it does answer your question.
Feel free to reach out again with any follow-up questions that you may have.
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‎June 8, 2022
2:15 PM