Mail Bag 9/15/2022
Gambling With an Edge
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W2G Forms and Winnings
W2G forms are a notification of your win of twelve hundred dollars or more to the IRS. That win is counted as income for the year and you'll have to pay taxes on it. People who file as professional gamblers can write off their losses against their winnings. In this case, you only pay taxes on your net winnings if any.
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