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How do i know if i can write off gambling loses
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posted
June 5, 2019
10:34 PM
last updated
June 05, 2019
10:34 PM
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How do i know if i can write off gambling loses
Gambling losses are indeed tax deductible, but only to the extent of your winnings. This requires you to report all the money you win as taxable income on your return. However, the deduction for your losses is only available if you are eligible to itemize your deductions. If you claim the standard deduction, then you can't reduce your tax by your gambling losses.
June 5, 2019
10:34 PM
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How do i know if i can write off gambling loses
Gambling losses are indeed tax deductible, but only to the extent of your winnings. This requires you to report all the money you win as taxable income on your return. However, the deduction for your losses is only available if you are eligible to itemize your deductions. If you claim the standard deduction, then you can't reduce your tax by your gambling losses.
June 5, 2019
10:34 PM
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