Gambling losses misc itemized deductions

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  • February 22, 2016 at 11:48 pm #200259
    OnToTheNextOne
    Participant

    Are gambling losses deductible to gambling winnings in full or subject to the threshold of 2% of adjusted gross income?

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  • February 22, 2016 at 11:51 pm #759006
    garnerr2
    Participant

    Gambling losses are reported on Line 28 of Schedule A. Unlike other itemized deductions, gambling losses are not subject to the 2% AGI (adjusted gross income) limit. This means you can deduct the entire loss, not just the portion that exceeds 2% of your AGI

    AUD - 76
    REG - 78
    FAR - Aug 2016
    BEC - 79

    February 23, 2016 at 12:08 am #759007
    Anonymous
    Inactive

    You can deduct the gambling loss only upto the extent of gambling winning as Itemized deduction.

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