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The winnings except winnings click here bingo, slot machines, keno and poker tournaments reduced, at the option of the payer, by the wager are: a. At least times the amount of the wager, or 5. The winnings are subject to federal income tax withholding here regular gambling withholding or backup withholding.
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All winnings from all forms of gambling are taxable and must be declared as income on your tax return. All losses from all forms of gambling are deductible as an itemized deduction for recreational players, limited to the amount of winnings declared.
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