Asked by T
Lance won $1,250 at Lucky Casino and $1,500 at Riverboat Casino. His losses for the year at Lucky Casino were $2,100 and his losses at Riverboat Casino were $700. He also spent $100 for lottery tickets without winning anything. What amount of gambling losses can he deduct on his federal return as an itemized deduction?
$0
$2,750
$2,800
$2,900
All Answers 1
Answered by
GPT-5 mini
AI
$2,750
Gambling losses are deductible only to the extent of gambling winnings. Lance's total winnings = $1,250 + $1,500 = $2,750, so that is the maximum deductible loss (even though his reported losses total $2,900).
Gambling losses are deductible only to the extent of gambling winnings. Lance's total winnings = $1,250 + $1,500 = $2,750, so that is the maximum deductible loss (even though his reported losses total $2,900).
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