Tax Rules for Gambling Income and Losses -

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tax exempt A loan on life insurance if the interest is added to the loan and you report on the cash basis A debt to buy a single

Gambling losses You may deduct gambling losses only if you itemize your deductions on Schedule A and kept a record of your winnings and losses  You can deduct your losses on gambling to include lotteries, raffles, horse racing, casino games, poker games and sports betting, according to

how to play mega millions lottery If a taxpayer itemizes deductions for federal tax purposes, he may deduct his gambling losses for the year, up to the total amount of his Depending on your status as a professional gambler or amateur, the government allows you to take deductions for certain gambling business expenses and gambling