Force Completion This can be saved and resumed at any point until time has expir

Question

Force Completion This can be saved and resumed at any point until time has expired. The timer will continue to run if you leave the fest. Moving to another question will save this response Peter has gambling losses totaling dollar 8,000 during the current year. Peter's adjusted gross income in dollar 80,000, including dollar 5,000 in gambling winnings. Peter can itemize the deductions. What amount of gambling losses in deductible? dollar 0 dollar 3,400 dollar 5.000 dollar 6,400 dollar 8,000 Moving to another question will save this response

Explanation / Answer

The gambling loss deduction cannot exceed the amount of gambling income reported for that year .

So maximum dedcution available is $ 5000.

option c

Related Questions

Navigate

• Browse (All)
• Browse F
• Subjects

---