How Gambling Income and Losses are Treated for Tax Purposes

Any winnings from a sports bet must be reported as income on your tax return You can deduct gambling losses, but only if you itemize your

You can deduct gambling losses only if you itemize deductions on your federal income tax return Also, the amount of losses you deduct cannot exceed the

candy candy slot 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

can i use vpn on betfair poker Gamblers can deduct their gross losses but only if they are itemizing deductions and these losses can only be used to offset gross winnings You do not get