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Sorry if this is redundant for folks. I scored a nice $$ ( low 4 figures) win by finishing 4th in a PP Multi last night. Now I have the usual tax questions.
I will report the income, but I need to know: 1) Does Party report this win, or are just cash outs from the account reported? IOW, if I leave the dough at Party, is it not reported to the IRS unless I report it? 2) How do I document other gambling losses ( I play live sometimes too). Do I ask for a receipt when I buy in at the table? That sounds goofy. All help appreciated. I'm going to post in the psychology section about this tourney...on the subject of relishing your good fortune to offset the misery of bad runs. |
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