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how will casino winnings affect ss benefits?
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Posted by susie100 (My Page) on Sun, Jul 26, 09 at 13:22
| Hi, all, not sure if this is the right board to post this on; however, I recently went on a family vacation with a stop in Atlantic City, where I won a few thousand playing slots. I know these winnings are reported to the IRS and have to be included in my tax return. My question is, how will these winnings affect my social security benefits and personal exemption? Thanks for any input. |
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RE: how will casino winnings affect ss benefits?
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| I am the OP. I went to the SS office. Casino winnings do not effect SS benefits. Only earned wages impact SS. Casino winnings are listed on the tax return as "other ...." and taxed accordingly. The tax burden on this kind of money is something I am now looking into. |
RE: how will casino winnings affect ss benefits?
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| ... do they allow you to deduct the cost of all of your losses? Yes, according to my 2008 tax program, up to the amount of your winnings. You can not deduct any losses till you win. And no, you can't deduct travel or other expenses. |
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