Gambling losses can be taken as a deduction on your tax return but please keep in mind you can only deduct up to the amount that you won that year. For example, if you won $2000 in 2013 you can only deduct losses of up to $2000. This is a great way to offset any large winnings. See pub 525 and 529 for more information. Please note that gambling winnings will be reported on form W-2G and filed with the IRS.

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