The IRS and Gambling – The Tax Blotter – June 16, 2023
CPA Practice
JUNE 15, 2023
The Tax Blotter is a round-up of recent tax news. Taxpayers can claim a limited deduction for gambling losses, but the IRS keeps close tabs on these write-offs. Gambling losses are deductible only up to the amount of you winnings for the year. In a new case, a taxpayer gambled extensively at three casinos in 2019.
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