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This includes any winnings you have Slot Online received from casinos, lotteries, horse races, or raffles. For instance, if you’re gambling winnings totaled $5,000 in the tax year, but you lost $6,000, you may only take a deduction of $5,000. Remember that the deductions you itemize could not provide you with the most tax-efficient benefit. Even if you don’t receive the form, you’re required to declare all your winnings as “other income” on your tax return. However, winnings from illegal or legal gambling (or other illegal gambling activity) are still tax-deductible. “All cash and non-cash gambling winnings are tax-deductible and should be declared as ‘other income,” ” says Patrick Leddy, the partner of Farmand, Farmand & Farmand LLP.

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