Question

Hortencia is employed as an accountant for a large firm in San Diego. For relaxation she likes to go to a nearby casino and play in blackjack tournaments. During 2019, she incurred $6,575 in gambling losses and $5,330 in gambling winnings. Hortencia plans to itemize her deductions in 2019 because she purchased a home this year and has mortgage interest expense; what amount could she claim on her return for other itemized deductions for the year

Answer 1

The amount that Hortencia can claim on her return for other itemized deductions for the year is $5330.

It should be noted that gambling losses can only be itemized based on the extent of winnings when the deductions are itemized.

Since the gambling losses incurred is $6,575 while the winnings is $5330. Therefore, Hortencia can claim $5330 as other itemized deductions for the year.

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