Amateur gambler taxes
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May 20, Here are the most important issues involving the federal tax treatment of an amateur gambler's winnings, losses and gambling-related.
For all other taxpayers (amateur or casual gamblers), gambling winnings are reported In either case, the gambler tax deduction for gambling losses for both .
Description:This article is limited to the one or more Federal tax issues addressed in the article. Additional issues may exist that could affect the Federal tax treatment of the transaction or matter that is the subject of this article and the article does not consider or provide a conclusion with respect to any additional issues. With respect to any significant Federal tax issues outside the limited scope of this opinion, the article was not written, and cannot be used by the taxpayer for the purpose of avoiding penalties that may be imposed on the taxpayer. Taxes for gamblers is a complex area.