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For example, Form W2G is used for winnings exceeding certain thresholds from casinos or lotteries.
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Heres what you need to know about reporting your gambling income Form W2G If you win 600 or more from certain gambling activities and the payout is at least 300 times the wager, youll receive a Form W2G from the gambling establishment.
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While the legalization of sports gambling has been met with enthusiasm by some, it also raises concerns.
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The process for obtaining a license is under development, and it remains unclear what requirements will be imposed on online operators.
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