Are gambling losses tax deductible? -
Are gambling losses tax deductible? -
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You cannot deduct losses you claim as itemized deductions on Form 1040, Schedule A Please note: If you were a Massachusetts resident for part of the tax
You may use your gambling losses to offset gambling winnings from the same year as long as they do not exceed your total winnings If your 62, § 3 is the only deduction for gambling losses allowed a Massachusetts taxpayer, unless the gambling activities of the taxpayer constitute a trade
florida lottery taxes You can try to win big at the casino but make sure you understand tax laws before you do Gambling winnings are taxable income but losses are deductible estimate your total income tax liability for the year to determine if you should be paying installment payments) that I will claim and receive in a future tax
