Posted by taxguru on September 20, 2013
Uncle Sam Wants His Cut on Your Gambling Winnings – Good summary from FoxBusiness of the rules for reporting gambling winnings and losses.
A common misconception is that the losses have to be in the same kind of gambling as the reported winnings. Not true. I can still remember a client I had back in Calif.who had won several million in the lottery shortly after it started in that state. He opted for the annual payouts, and each year we deducted all kinds of gambling losses against that annual lottery payment; horses, casinos, football pools, in addition to new lottery tickets.
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