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Gambling Winnings & Losses

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  4. Will my Gambling winnings of $700 be reported to the IRS ?

Will my Gambling winnings of $700 be reported to the IRS ?

Generally, gambling winnings are reported by the payer to the IRS on Form W-2G if the amount is $600 or more and at least 300 times the amount of the wager. The payer has the option of taking into account the wager in applying the $600 test.

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