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Under § 4421(1), the definition of “wager” has any bet listed in a wagering pool, if the for example pond is completed for cash, and you will people choice listed in a lotto presented for cash. 26 You.S.C. Sec. 3402 (a) (3) (C) reads, “Sweepstakes, wagering pools, specific parimutuel pools, jai alai, and you will lotteries”The newest Irs will try to help you lump casino poker tournaments within the since the betting pools. Unfortunately, of numerous says do not allow deductions for gambling loss. Some of the states one wear’t allow it to be playing losses is Connecticut, Massachusetts, and you will Ohio. Advantages is subtract their losings as they tend to document Agenda C (and/or state similar).

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