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Gambling Income |
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Gambling Income Any income that is the result of games of chance or wagers upon events with uncertain outcomes (gambling). This income is subject to taxation. Notes: Gambling income includes any money earned playing slot machines, bingo, or the lottery. It also includes money derived from betting on horse races, boxing, sumo wrestlers, and almost anything else. See also: Gambling Loss |
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s gang-infested areas, where owning the ``baddest'' dog generates gambling income and fear in the community. This separate event produces gambling income, which is not excluded under the U. He says he is constantly monitoring news about the IRS to see if the agency has changed its regulations on gambling income. |
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