incognito Wrote:
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> If you have gambling winnings you must report it.
> But, you must spend money in order to win the
> money. Keep track of that. You can deduct the
> gambling expenses from your winnings as long as
> you have proof. Example: you gamble on lottery
> tickets all year. You buy 7.00 a week in tickets.
> Then you win 1000. you can deduct all of the price
> of the tickets all year long toward the winnings
> as long as you have the old tickets to show that
> you purchased them. Just a vague example. I have
> not done a gambling shop so I cannot mention it in
> those terms.
If the slot machine pays $1,199 jackpot, you don't have to report it. When it hits $1,200, you do.
When you pocket $600 or more (and that amount is 300 times your bet) at a horse track, win $1,200 at a slot machine or bingo game, or take $1,500-plus in keno winnings, the payer must get your Social Security number and let the IRS know you came into the extra income.