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A big gambling win or jackpot can really hit you within the funny bone, especially in terms of taxes. If you happen to didn't know it, the IRS demands that you just claim any gambling winnings as income. Unfortunately, you cannot just deduct your loses out of your wins and claim your new amount. Instead, you claim the winnings on-line 21, form 1040, after which to say loses as much as (but not exceeding, bummer) your win, you're taking a deduction for the quantity you lost in "gambling losses," on schedule "A." Is that a problem? Yes!
...Read More... [Source: About.com]
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