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The IRS allows you to deduct gambling losses up to the amount of your winnings, but only if you itemize your deductions. Therefore, having a comprehensive record of your losses is essential for maximizing your tax benefits. Another important aspect to ponder is the duty scale that relates to your gaming winnings. Additionally, some regions levy their own duties on gambling profits, which can also impact your total duty responsibility. It is vital to be aware of both central and regional tax percentages when organizing for your gambling establishment profits. For those who are serious about gaming, it may be advantageous to engage with a duty specialist who focuses in gaming revenue.
