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Gambling |
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Gambling The act of wagering on an event or a game of chance in which the outcome is uncertain. This includes card games such as poker or bets on sporting events. In U.S. tax, all gambling income, regardless of where or how it was obtained, is taxable income and must be reported to the IRS. Professional gamblers may deduct all gambling losses against gambling income, but casual gamblers may only do so up to the amount of their gambling income. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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