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Ask the Slot Expert: Claiming gambling losses14 December 2011
Dear Nick, Gambling winnings are gambling winnings as far as the IRS is concerned. It doesn't care whether you won on lottery tickets, horse racing, keno or slot machines. You can use your losses at Atlantic City casinos to offset your winnings at New York casinos. Now, you can't just deduct your losses from your winnings and report the net on Form 1040. Your winnings go on Form 1040 and you report your losses as an itemized deduction on Schedule A. Consult a professional tax preparer to ensure your return is prepared correctly and you have the proper documentation to support your numbers. Best of luck in and out of the casinos, Send your slot and video poker questions to John Robison, Slot Expert, at slotexpert@comcast.net. Because of the volume of mail I receive, I regret that I can't reply to every question. This article is provided by the Frank Scoblete Network. Melissa A. Kaplan is the network's managing editor. If you would like to use this article on your website, please contact Casino City Press, the exclusive web syndication outlet for the Frank Scoblete Network. To contact Frank, please e-mail him at fscobe@optonline.net. Recent Articles
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