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Topic 419 gambling income and losses
If the activity is deemed to be a for-profit trade or business activity, then the loss generated by the for-profit activity is properly treated as a fully deductible loss without limitation.
Gambling winnings are fully taxable and must be reported on your tax return.The IRS insists on getting, and is entitled to receive, its share of your gambling winnings in the form of federal income tax.JustAnswer is not intended or designed for emergency questions which should be directed immediately by telephone or in-person to qualified professionals).Publication 505, Tax Withholding and Estimated Tax. read facebook slot games more.I rcvd cp2501 from iirs stating I underreported gambling winnings.The IRSs National Research Program estimated that unreported business income by sole proprietors accounted for 68 billion (or 20 percent) of the 345 billion tax gap.Related Tax Questions, i am under audit for 2016.If I lost 50k for the year as well, can I put this numb read more.Say 50,000 in winnings.Answer: Walter - Thank you for your question and I am sorry for the delay in answering.Can I claim 50,000 as well.The sports book I participated in does not give in W-2G forms.I just put the " net" winnings on my play ellen slot machine online return by accident.Question from Walter, november 2, 2011 at 9:10am, richard, I would like to know if money a person makes gambling playing golf or cards casully with friends, or aquatinces is taxable and if so are losses deductible.
It is important to keep an accurate diary or similar record of your gambling winnings and losses.