Forfeited Gambling Winnings Not Included in Income

The IRS advised that gambling winnings that a taxpayer surrenders to a state as part of a program intended to help treat gambling addiction do not have to be reported by a casino to the taxpayer on Form W-2G and are not includible in gross income by the taxpayer.

Source: http://feedproxy.google.com/~r/AICPA_TaxAdvisor/~3/wDhs7XatWmM/Tax_Trends_01.aspx

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