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One final tip: the deductions you claim for gambling losses do not have to be for the same type of wagering activity for which you have gambling winnings. For example, say for the year you won $800, all from a slot machine jackpot, and you have documentation to support $300 of slot machine losses.
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WMS's 1996 video slot machine Reel 'em In, introduced multi-line and multi-coin secondary bonus pay-outs. Later, the company's licensed themes, beginning with Monopoly, helped to greatly expand its sales and profits. Some of WMS Gaming's product designs reflect the changing demographics of its industry.
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What to Know About Gambling Income and Taxes Where to Report Gambling Income. Persons who are not professional gamblers report any gambling income as other income on Form 1040, Line 21.. Gambling Expenses. The expense of bets, wagers, lottery tickets, and similar gambling losses are deducted as a miscellaneous itemized deduction on Schedule A. Frequently Asked Questions - ust If you play slots or similar games, the best way to track your losses is to use a Casino Player’s Card, which is inserted into the slot machine in lieu of coin or cash. These cards are issued by individual casinos, and will track your wins and losses at that casino over the course of the year. Finding Loose Slot Machines - ThoughtCo