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Archive for taxable and nontaxable income

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Tax Tip: Claim Your Gambling Winnings and Losses!

What will you owe Uncle Sam if Lady Luck happens to be on your side?
Gambling winnings are fully taxable and must be reported on your tax return.
You must file Form 1040 and include all of your winnings. Gambling income includes, among other things, winnings from lotteries, raffles, horse races, and casinos. It includes cash winnings [...]