Gambling and Lottery Winnings
Gambling and Lottery Winnings
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You do not declare winnings or loses from gambling unless you are a professional gambler i am not a professional gambler & this is a one off win for me
If you can convince the IRS that you're in the business of gambling, you can deduct the full amount of your losses, plus certain other business-related expenses Professional gamblers may be able to deduct losses on a business income tax return or Schedule C, but status as a professional gambler is
free online slot games no download no registration In calculating gains, the taxpayer may deduct gambling and lottery losses, other than losses incurred in the State Lottery on or after July 21, 1983, but But you can deduct losses up to the winning amount on your tax return “Keep in mind, the standard deduction amount is very high, and most
