“Don’t Let Your Recreational Gambling
Create a Tax Nightmare”
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For starters, check out the federal income tax rules
that possibly affect you.
These are the tax rules that govern your gambling. Be sure you understand them!
- Your winnings are “above-the-line” taxable.
- Your losses are “below-the-line” itemized deductions and thus deductible, but (a) only to the extent of your winnings and (b) only if you itemize.
- Casinos and other payors of your winnings may have to report your winnings to the IRS on Form W-2G and send a copy to you.
Master these and you’ll be ahead of the game!
Don’t miss this important point…
Recreational gamblers roll snake eyes if they don’t itemize when they file their taxes: Why?
Because they get no deduction for their losses—but they pay taxes on their gambling winnings!
A clear lesson for recreational gamblers.
With no records, you are at the mercy of the IRS or the courts. These are not good places to look for mercy.
My advice? As always when you’re dealing with the IRS, keep accurate records and you’ll come out in the chips.
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CLICK HERE to read my completely new article titled:
“Don’t Let Your Recreational Gambling
Create a Tax Nightmare”