Legacy Tax & Resolution Services

Category: Gambling

W-2G

W-2G Very Important:  This is not your total reportable winnings.  These are just the winnings that rose to a certain income level; see below. When

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Form 5754- Group Gambling Winnings

Form 5754- Group Gambling Winnings Use Form 5754, Statement by Person(s) Receiving Gambling Winnings, to prepare Form W-2G only when the person receiving gambling winnings

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What is a Gambling Session

What is a “Gambling Session”? Section 165(d) of the Internal Revenue Code provides that losses from wagering transactions are allowed only to the extent of

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What is a Gambling Session

What is a “Gambling Session”?   Section 165(d) of the Internal Revenue Code provides that losses from wagering transactions are allowed only to the extent

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