Cashing in on those gambling losses

COMMENTARY /// Personal finances

 

Although your gambling winnings are taxable, did you know you can offset them with losses?

Strategy: Always keep records to back up your claims.

Gambling losses are deductible without clearing the usual deduction threshold for miscellaneous itemized expenses.

Also, the new Tax Cuts and Job Act repeals the deduction for miscellaneous expenses, but preserves the deduction for gambling losses, with a new limitation for professional gamblers.

The basic tax rule is that gambling loss...

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