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Five Important Tips on Gambling Income and Losses - IRS ... You can also deduct your gambling losses...but only up to the extent of your winnings. Here are five important tips about gambling and taxes: Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse races, and casinos. It includes cash winnings and the fair market value of prizes such as cars and trips. How Are Gambling Winnings Taxed? | The TurboTax Blog How Are Gambling Winnings Taxed? ... Not all gambling winnings in the amounts above are subject to IRS Form W2-G. W2-G forms are not required for winnings from table games such as blackjack, craps, baccarat, and roulette, regardless of the amount. ... I live in PA but won a jackpot of a little over $11,000.00 in Atlantic city NJ, at the time of ... Are Gambling Winnings Taxed? -- The Motley Fool Are Gambling Winnings Taxed? ... you should receive a Form W2-G summarizing each payment or transaction. Not all gambling winnings, however, are subject to Form W2-G, even if they do meet or ...
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