Wager Mage
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How can I prove gambling?

To deduct your losses, you must keep an accurate diary or similar record of your gambling winnings and losses and be able to provide receipts, tickets, statements, or other records that show the amount of both your winnings and losses.

What is suffering from withdrawal?
What is suffering from withdrawal?

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Why do stokies say duck?
Why do stokies say duck?

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The following rules apply to casual gamblers who aren't in the trade or business of gambling. Gambling winnings are fully taxable and you must report the income on your tax return. Gambling income includes but isn't limited to winnings from lotteries, raffles, horse races, and casinos. It includes cash winnings and the fair market value of prizes, such as cars and trips.

Gambling Winnings

A payer is required to issue you a Form W-2G, Certain Gambling Winnings if you receive certain gambling winnings or have any gambling winnings subject to federal income tax withholding. You must report all gambling winnings on Form 1040 or Form 1040-SR (use Schedule 1 (Form 1040)PDF), including winnings that aren't reported on a Form W-2GPDF. When you have gambling winnings, you may be required to pay an estimated tax on that additional income. For information on withholding on gambling winnings, refer to Publication 505, Tax Withholding and Estimated Tax.

Gambling Losses

You may deduct gambling losses only if you itemize your deductions on Schedule A (Form 1040) and kept a record of your winnings and losses. The amount of losses you deduct can't be more than the amount of gambling income you reported on your return. Claim your gambling losses up to the amount of winnings, as "Other Itemized Deductions."

Nonresident Aliens

If you're a nonresident alien of the United States for income tax purposes and you have to file a tax return for U.S. source gambling winnings, you must use Form 1040-NR, U.S. Nonresident Alien Income Tax Return. Refer to Publication 519, U.S. Tax Guide for Aliens and Publication 901, U.S. Tax Treaties for more information. Generally, nonresident aliens of the United States who aren't residents of Canada can't deduct gambling losses. See As a Nonresident Alien, Are My Gambling Winnings Exempt From Federal Income Tax? to find out if your gambling winnings are exempt from federal income tax. For additional information on withholding on gambling winnings, refer to Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities.

Recordkeeping

To deduct your losses, you must keep an accurate diary or similar record of your gambling winnings and losses and be able to provide receipts, tickets, statements, or other records that show the amount of both your winnings and losses. Refer to Publication 529, Miscellaneous Deductions for more information.

For additional information, refer to Publication 525, Taxable and Nontaxable Income or review How Do I Claim My Gambling Winnings and/or Losses?

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What is a sheep book?

“Sheep Book” is a web based application along with a mobile app to help Sheep producers manage their sheep data. “Sheep Book” allows you to track lambing data, and generate reports by rams or entire lamb crop. “Sheep Book” will allow you to enter breeding information on your ewe herd and project lambing dates.

sheepbook.net - Sheep Book

“Sheep Book” is a web based application along with a mobile app to help Sheep producers manage their sheep data. “Sheep Book” allows you to track lambing data, and generate reports by rams or entire lamb crop. “Sheep Book” will allow you to enter breeding information on your ewe herd and project lambing dates. This application will generate individual ewe productivity by keeping annual sale prices for your lamb crop. The “Semen Tank” function allows you to manage your semen inventory. If you have any questions contact us. Download the mobile app today by going to your Apple or Android store. The Sheep Book subscription fee is $15.00 annually. You will receive a 30 Day Trial at no cost. Try it out. You will be notified 1 week prior to expiration to sign up for a 1 year subscription. You are not obligated to purchase a subscription once the Trial Offer expires.

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