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re: Question about taxes on winning a $50k eliminator contest
Posted on 9/16/13 at 11:26 am to GaryMyMan
Posted on 9/16/13 at 11:26 am to GaryMyMan
From IRS (LINK ):
You may deduct gambling losses only if you itemize deductions. However, the amount of losses you deduct may not be more than the amount of gambling income reported on your return.
You may deduct gambling losses only if you itemize deductions. However, the amount of losses you deduct may not be more than the amount of gambling income reported on your return.
1
Posted on 9/16/13 at 12:11 pm to Anfield Road
quote:
You may deduct gambling losses only if you itemize deductions. However, the amount of losses you deduct may not be more than the amount of gambling income reported on your return.
This is the only thing I remember from my Income Tax class in college.
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