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New Jersey Net Gambling Winnings

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New Jersey Net Gambling Winnings

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Net Gambling Winnings

Enter your net gambling winnings. You can subtract gambling or lottery losses from your winnings that occur in the same year. If the net amount is zero or less, make no entry. If you net gambling winnings with gambling losses, include a statement to that effect.

Common types of gambling winnings include:

• All casino and track betting

• New Jersey Lottery winnings (only individual prizes exceeding $10,000)

• Any multistate lottery in which New Jersey participates (Mega Millions, Powerball), but only individual prizes exceeding $10,000

• All out-of-State lottery winnings regardless of amount

• Bingo winnings If you net gambling winnings with gambling losses, you may be required to substantiate the losses used to offset your winnings.

Acceptable proof of losses includes:

• Casino win/loss statements

• Daily log or journal of wins and losses

• Canceled checks

• Losing racetrack pari-mutuel tickets

• Losing lottery tickets

For more information, see Technical Bulletin TB-20(R).

 

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Article Details
Views: 1721 Created on: Jun 15, 2013
Date updated: Jan 15, 2020
Posted in: States, New Jersey

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