The IRS and Gambling – The Tax Blotter – June 16, 2023
CPA Practice
JUNE 15, 2023
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. Casinos and other gambling payors report earnings on Form W2-G if you win $1,200 or more from your bets. Report all your winnings.
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