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QUESTION DETAIL
Related User
Votes
I just won a $6,000 lottery drawing. What are some ways to offset the tax hit?
ANSWER
The BIDaWIZ Team's Answer:
All gambling losses, for the tax year, are deductible; "up to" the total gambling
winnings, for the applicable tax year. The deductions are reported on schedule A,
of the form 1040, and they are not subject to the 2% [AGI] adjusted gross income
floor.
