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Gambling winnings and losses taxes

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Gambling winnings and losses taxes self exclusion gambling nsw lotteries For starters, you can only deduct losses up to the amount of your winnings, so any excess loss can't offset other highly taxed income. Conversely, you might show a taxable profit. Suppose you have annual gambling winnings of $10, for and losses of $2, Income from gambling, wagers, and bets are subject to the federal income tax, while losses can sometimes be deducted. Here is what to know. Certain special rules apply to gambling income, and there are strict recordkeeping requirements. However, you may be able to deduct gambling losses.

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