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Old 12-03-2007, 10:10 AM
TaxGuru TaxGuru is offline
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Join Date: Jan 2007
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Fortunately for you, Gambling winnings are not subject to Self-employment taxes despite being reported on Form 1099. They are subject to ordinary income tax and added to your regular income as miscellaneous income not subject to Self Employment taxes.

Don't forget to deduct to your gambling losses on Scheduel A. You can deduct gambling losses to the extent of gambling winnings.
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