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For example, if you winnings $620 out of a horse race however it ask you for $20 so you can choice, their taxable earnings try $620, maybe not $600 once deducting your own $20 wager. • You might’t deduct the cost of a wager on the earnings it efficiency. Yet not, you can claim your gambling losses since the a tax deduction in the event the your itemize your own write-offs.