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6Tax Court: Don't Take Chances With Gambling Losses

from AccountingWEB

From Aug. 23: Clients who are casual gamblers can deduct losses from gambling on their personal tax return, up to the amount of gambling winnings. However, as shown in a case, Bon Viso, TC Memo 2017-154, you can’t deduct any losses if you don’t itemize deductions and keep the records required to back up your claims. more

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