You Must Declare Your Oklahoma Gambling Winnings to the IRS
Watkins, PC for a free consultation today! But, as a general rule, the IRS doesn't care whether you obtained your winnings legally or illegally. In certain cases, it also is possible to deduct your gambling losses from your taxes, though not to the extent that most taxpayers like to imagine. In the ideal world of a habitual gambler, the IRS would allow you to deduct an unlimited amount of losses from your yearly taxes to help alleviate the pain of your run of bad luck. What about gambling losses?
The IRS Is More Concerned With Your Gambling Winnings Than Your Losses
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