Tuesday, March 23, 2010

Miscellaneous Itemized Tax Deductions - Gambling Losses

Remember to keep receipts when you are gambling in Las Vegas next time!

Gambling losses are tax deductible on your tax return in the tax year incurred, but the gambling losses you deduct cannot be more than the gambling winnings you report as income on your tax return. This tax deduction is not subject to the 2% limitation.

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