Taxes on Gambling Winnings and Deducting Gambling Losses. In gambling, there are winners and losers... But even the winners can be losers if they don't pay their taxes! Any money you win gambling or wagering is considered taxable income by the IRS. So is the fair market value of any item you win. Can You Claim Gambling Losses on Your Taxes? - TurboTax The amount of gambling losses you can deduct can never exceed the winnings you report as income. For example, if you have $5,000 in winnings but $8,000 in losses, your deduction is limited to $5,000. You could not write off the remaining $3,000, or carry it forward to future years. You are Never Too Old to Win Money Gambling | Casino News
If you win, the total amount you get will be: (Rs 50,000 x 15)/8 + Rs 50,000 = Rs 1,43,750. Remember, most websites do charge a small commission on the winnings as well. Ireland, Zimbabwe and Afghanistan are placed at the bottom of the pyramid …
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How Are Gambling Winnings Taxed? | The TurboTax Blog
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