Learn more. Your winnings might be noncash — like a vacation or a car. Income so, you must include its fair market value FMV when figuring your income. If you itemize your deductions, you can deduct your gambling losses for the year on Schedule A. However, you can only deduct your loss up to the amount http://zerotilt.site/gambling-card-games/gambling-card-games-until-2016.php 2017 as gambling winnings.
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