![]() Gambling losses are considered a huge trigger for IRS Audits, primarily because, in a lot of situations, individuals don’t normally keep a proper record of the amount that was lost during the gambling process. ![]() In case records are not properly kept and maintained, the likelihood of an IRS Audit, pertaining to a gambling loss, is highly likely. In order to offset the gambling winnings, it is important to list them on the annual gambling losses on Schedule A of the tax return. This implies that they are supposed to be reported under both, federal, as well as state income taxes. As a matter of fact, it can be seen that gambling winnings are considered to be taxable income. ![]() Gambling winnings and losses tend to be an integral part of the yearly returns that are filed.
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