Taxes And Gambling

Any money that people win from gambling is taxable.

In this TaxAssurances YouTube video, I walk through how one of my tax clients accounted for his gambling winnings on the tax return we prepared together and how he was able to use his gambling losses as a tax benefit on that same return.

Also, here’s a helpful link to the IRS website that summarizes how to account for gambling winnings and losses. https://www.irs.gov/taxtopics/tc419 

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