How To Deduct Gambling Losses From Your Tax Returns
How To Deduct Gambling Losses From Your Tax Returns
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However, if the taxpayer itemizes their deductions, then the $9,000 of losses will be deducted, and the taxpayer will essentially pay no taxes
You can claim all your losses as an itemized deduction, you DO NOT have to mail the IRS the receipts, they should accept your number Upvote If a taxpayer itemizes deductions for federal tax purposes, he may deduct his gambling losses for the year, up to the total amount of his
ignition poker bonus code However, the bad news is that gambling losses are only deductible up to the amount of your winnings This means that you can use your losses to 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
