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It is vital to investigate the specific levy statutes in your region to confirm conformity and eliminate any unforeseen issues come tax season. The IRS allows you to deduct gambling losses up to the amount of your winnings, which can help offset your taxable income. To claim these deductions, you must maintain detailed records, including receipts, tickets, and a gambling log that outlines the date, type of gambling, and amounts won or lost. By keeping thorough records, you can maximize your deductions and minimize your tax liability.
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