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    • Interview: Martin County on TV
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gambling

Gambling Gains and Losses

Generally speaking, gambling losses are deductible to the extent of winnings. Deductible losses are a component of itemized deductions and are not subject to the 2% of income limit. Winnings are reportable to the taxpayer by the payee on a form W- 2G. Requirements for reporting differ based upon the type of activity. Any W-2G …

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Pierce Accounting Services

(507) 238-4304

51 Downtown Plaza

Fairmont, MN 56031

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