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The Gambling Winnings Tax Guide provides essential information for individuals who earn income from gambling activities, such as lotteries, casinos, and sports betting. In the United States, all gambling winnings are considered taxable income and must be reported on your tax return. Players should keep accurate records of their winnings and losses, as losses can be deducted to offset taxable income, subject to certain limitations. It's crucial to understand state-specific regulations, as tax rates and reporting requirements may vary. Consulting a tax professional can help ensure compliance and optimize tax obligations related to gambling earnings.
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