Gambling losses can be deducted up to the amount of winnings if you itemize deductions. You must report all gambling winnings on your tax return, regardless of whether you receive a W-2G. For winnings of $600 or more (and at least 300x your wager), the casino issues a W-2G form and reports the amount to the IRS. U.S. casinos are required to report gambling winnings to the IRS.
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