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Have you ever wondered just exactly what a ‘write-off’ is? Well, a write-off is any legitimate expense that can be deducted from your taxable income on your tax return. For many, this is the trickiest part of filing their income tax, particularly because there is a fine line between which expenses are deductible and which ones are not.
Five Important Tips on Gambling Income and Losses - IRS Tax Tip Five Important Tips on Gambling Income and Losses August 29, 2012 – IRS Summertime Tax Tip 2012-24 You can also deduct your gambling losses...but only up to the extent of your winnings. The little-noticed tax change that could affect your return ...
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If you lose money gambling, you might be able to deduct it on your tax returns. However, before you can claim the deduction, you'll have to meet two important ... 7 Tax Deductions That Set Off Alarms - ABC News Apr 16, 2012 ... They can, but there are some things to note, said Erb. First, you may deduct gambling losses only if you itemize deductions, which Erb said is ... How to deduct your gambling losses - MarketWatch
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