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Gambling and Taxes (in the U.S.)
But even the winners can be losers if they don't pay their taxes! Any money you win gambling or wagering is considered taxable income by the IRS. So is the fair ... Gambling and Taxes (in the U.S.) - Vegas Click If the IRS later finds that you had some gambling winnings, it's kind of late in the game for you to claim that you had losses that offset your wins. You already look ... You've Won Big -- What Will That Windfall Cost You in Taxes ...
Gambling losses are indeed tax deductible, but only to the extent of your winnings. Find out more about reporting gambling losses on your tax return.
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Gambling winnings are fully taxable and must be reported on your tax return. You must file Form 1040 (PDF) and include all of your winnings on line 21. Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse races, and casinos.