Tax deductibility of gambling losses
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XX Refund Processing Service fee applies to this payment method. Customer service and product support vary by time of year. The above deductibiluty is intended to provide generalized internet gambling tax information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. In some states, the information on this website may be considered a lawyer referral service. The bottom line is that losing money at a casino or the race track does not by itself reduce your tax bill.Here is what you need to know at tax return time. The most important rule Also, amateur gamblers can only deduct actual wagering losses. You may be able to deduct gambling losses if you itemize deductions. Income Tax - Chapter 28, Miscellaneous Deductions - See Deductions Not Subject to. Myth #1: Federal Income Taxes are Illegal, Invalid and/or Voluntary When it comes to writing off gambling losses on your income tax return, the IRS is very.