Deducting gambling losses for prize winnings

Deducting gambling losses for prize winnings bogota casino in atlantic city

So now lets move on to answer the question How Do I Pay Taxes on Gambling Winnings? I would like to receive the money through a partnership and have the partnership pay out the money over a period of time to all the partners to reduce our tax burden. When reporting the winnings, you cannot use for EZ since you have to itemize the earnings and losses from gambles.

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