Gambling, Cancellation of Debt, Foreign, and Pass-Through Income
Free IRS Enrolled Agent SEE Part 1 (Individuals) lesson in Income and Assets. 17 min read, ~2,484 words.
Gambling: gross winnings on Schedule 1 line 8b; losses only on Schedule A, capped at winnings (W-2G at \$1,200 slot/bingo, \$1,500 keno, \$5,000 poker, or \$600 and 300× wager). COD: 1099-C taxable unless excluded by bankruptcy, insolvency (extent of), qualified principal residence (through 2025), or qualified farm/real-property business; report on...
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What this lesson covers
- Content
- Example 1
- Example 2
- Common Mistakes
- Key Takeaways
- Exam Shortcuts
Learning objectives
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