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Break Even at the Casino? You Still Owe the IRS
Original: Break Even at the Casino This Year? You’ll Still Owe the IRS
Gamblers who ended the year with no net winnings may still face a tax bill. Under US tax rules, gambling winnings and losses are handled separately: gross winnings count as taxable income, while losses can only be deducted by itemizing, meaning break-even players can still owe the IRS. Tax experts advise keeping detailed records of wins, losses and receipts to claim every deduction available.
Why now: Tax season prompts renewed attention to how gambling winnings are reported and taxed.
Evidence
- Break Even at the Casino This Year? You’ll Still Owe the IRS · Money Talks News
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