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Gambling Winnings & Losses

Are my gambling winnings that were reported on Form W-2G fully taxable ?


Yes. You must report the total amount of your gambling winnings from Form W-2G as miscellaneous income on IRS Form 1040 page 1. However, you are allowed to deduct gambling losses up to the amount of the winnings as another itemized deduction on IRS Schedule A.
Answer Provided by: CPAdirectory

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