Writing Off Gambling Losses on Your 2023 Taxes

taxes on poker tournament winnings
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taxes on poker tournament winnings If a player wins a prize at the close of a tournament, only the buy-in that resulted in the win should be deducted from the winnings to determine the proceeds  Current North Carolina tax law requires gamblers to pay taxes on their winnings without allowing them to deduct their losses   Unless you are a professional gambler, gambling income is included as income on your taxes and it's taxed at a rate of 24% Casinos should withhold this portion

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