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Don't gamble on your taxes

Published 02/20/2010, Associated Press

Clinching the office pool for March Madness entitles you to a pot of money and gloating rights. Nobody can take that away from you, except maybe the IRS. Even if your winnings seem like chump change, any money you pocket from gambling is considered taxable income. It’s not likely that the Internal Revenue Service will come after you for your NCAA pot, but there are times when reporting even casual winnings becomes more formal.

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