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About tax when you lose, they indicate it as itemized deductions and is deducted with the winnings. Hence it would be considerably better if you will take care of your taxes and keep these things on info. Listed under "other miscellaneous deductions", you are able to deduct dependent on the amount you have declared inside your total income. Please be reminded that you aren't allowed an individual can't show a gambling tax loss. For example, if you have declared $5,000 with your winnings, you can also declare $5,000 in your itemized deductions under fannie and freddie. Just make it sure that you will not exceed to the amount which are recently stated.
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