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Gambling Couple Win in Court

WISCONSIN – As reported by the Milwaukee Journal-Sentinel: "A couple from Oneida have had better luck in U.S. Tax Court than in casinos.

"Ronald R. and Traci A. Tomko can deduct $40,000 in slot machine losses from their 2001 income taxes even though they did not keep records in exactly the way the law requires, Judge Carleton Powell ruled in an opinion released Tuesday.

"According to the decision, casinos reported to the government that the Tomkos had winnings of $44,464 from slot machines in 2001. Casinos are required to tell the Internal Revenue Service whenever a slot player wins more than $1,200 at a time.

"Gamblers must also report such income on their returns but are allowed to deduct losses up to the same amount..."

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