Are gambling losses deductible on federal tax

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Tax: Maybe you are at the track watching horse racing with your grandparents (those were good times), or in Vegas at the Caesar’s Palace - and you strike it big! Over the course of the weekend, you were able to win $50,000 in gambling winnings.

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Unreported Gambling Earnings and Tax Reporting

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1 Unreported Gambling Earnings and Tax Reporting.

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