Can You Deduct Gambling Losses From Your Taxes?
by Mike Winters on Two Cents, shared by Mike Winters from Lifehacker on (#598PE)
The IRS views winnings from gambling as taxable income, but did you know that you're allowed to deduct gambling losses, too? While losing money at a casino or the racetrack does not by itself relieve your tax burden, it can reduce taxes owed for your other winnings, ultimately saving you money.