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Taxes on Gambling Winnings and Deducting Gambling Losses
The IRS requires you to keep detailed records of your gambling winnings and losses, and to keep any related documents, including receipts, tickets, payment slips, statements, Form W-2G, and Form 5754. You must be able to prove both your winnings and losses if you wish to deduct your losses. The IRS suggests that you keep a gambling log or diary.
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Taxes on Gambling Winnings and Deducting Gambling Losses
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