How are gambling winnings treated for tax purposes what, Ask an Expert

Accounting

How are gambling winnings treated for tax purposes? What about gambling losses? What is the interplay between these items? Does it make a difference whether the gambling is legal or illegal?

Where are these items reported on individual tax forms? In order to claim gambling losses must a taxpayer “itemize” deductions?

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91975527

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