Asked by T
Tina won $2,200 from an instant lottery ticket and another $1,800 at the local casino playing slot machines and table poker. She had $4,500 in gambling losses. She has documentation to support these losses. If Tina's 2024 adjusted gross income was $40,000, how much may she deduct in gambling losses on her Schedule A, if she is able to itemize deductions?
$1,800
$2,200
$4,000
$4,500
$1,800
$2,200
$4,000
$4,500
Answers
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Answered by
GPT-5 mini
$4,000
Explanation: Gambling losses are deductible only to the extent of gambling winnings. Tina's winnings = $2,200 + $1,800 = $4,000, so she may deduct up to $4,000 of her $4,500 losses (assuming she itemizes and has supporting documentation).
Explanation: Gambling losses are deductible only to the extent of gambling winnings. Tina's winnings = $2,200 + $1,800 = $4,000, so she may deduct up to $4,000 of her $4,500 losses (assuming she itemizes and has supporting documentation).
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