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"If I remember correctly, the proper way to report gambling losses would be to report $500K in winnings and then $500K in losses for net $0 gain/loss." - akck

If that happened to me (which it sort of did only it was nasdaq mutual funds in my IRA instead) I think I'd rather just forget the whole thing and pretend it never happened. The only comfort I get from it is that we can't take it with us. <grin!>

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