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Gambling Winnings and Losses

Gambling winnings are fully taxable and must be reported on your tax return. Gambling income Image via Wikipedia includes, but is not limited to, winnings from lotteries, raffles, horse and dog races and casinos, as well as the fair market value of prizes such as cars, houses, trips or other noncash prizes. Depending on the type and amount of your winnings, the payer might provide you with a...

March 20th, 2009 by The Tax Man 
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