faux saint laurent bagfaux saint laurent bagThe IRS has clear-cut rules on gambling income that predate the recent explosion of the sports betting industry. In short, the proceeds from a successful wager are taxable income, just like your paycheck or investment gains. The statement is known as the W-2G, and it includes an overview of your gambling winnings, along with any withholding you elected when you gave the establishment your tax information. You'll likely receive one or more W-2G forms if you: It's worth noting that these requirements don't cover every potential situation in which you might win a bet. If you win, though, it's still technically income, says Walker, who is based in North Carolina. In addition, you won't be able to write off gambling losses unless you itemize your deductions. For 2022 tax returns, which are due this year, the standard deduction is $25,900 for married couples filing jointly. faux saint laurent bag
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