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2. Income tax on gambling - Wikipedia

   en.wikipedia.org/wiki/Income_tax_on_gambling

   [4] The Tax Court held that the taxpayer's gambling was a business activity and allowed the deductions. In essence, the court held that Section 165(d) only applies when a taxpayer is at a loss instead of a net gain and “serves to prevent the [taxpayer] from using that loss to offset other income.”

3. How much is sports betting taxed? Here’s what you will pay if ...

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   On itemized taxes, you can deduct gambling losses from the taxes on your winnings. Kansas state taxes. In the Sunflower State, 5% of your net gambling winnings go to state taxes. To calculate that ...

4. Wagering excise taxes - Wikipedia

   en.wikipedia.org/wiki/Wagering_excise_taxes

   The guidelines under IRS Form 730, Tax on Wagering, is used to compute excise taxes for legal and illegal wagers of certain types. While state-authorized wagers are taxed at 0.25%, illegal gambling is subject to a higher tax of 2% to dissuade unregulated wagering. [ 5 ]

5. Itemized deduction - Wikipedia

   en.wikipedia.org/wiki/Itemized_deduction

   This facilitated amendments to 2011 tax returns to claim a casualty tax deduction. [4] Gambling losses, but only to the extent of gambling income (For example, a person who wins $1,000 in various gambling activities during the tax year and loses $800 in other gambling activities can deduct the $800 in losses, resulting in net gambling income of ...

6. If you win money at a casino, do you have to pay taxes on it ...

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7. Tax implications on federal and state income tax returns for ...

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   Tax Talk launches its 25th year with Ken Milani and Rick Klee answering reader's questions regarding changes to the 2023 federal income taxes.