Rhett made his annual gambling trip to Uwin Casino. On this trip Rhett won $250 at the slots and $1,200 at poker. Also this year, Rhett made several trips to the race track, but he lost $700 on his various wagers. What amount must Rhett include in his grossincome?

Question

Quizplus · Accepted Answer

Rhett must include all his gambling winnings in his gross income, which totals $1,450 ($250 from slots and $1,200 from poker). Losses can only be deducted if itemizing deductions, not subtracted from winnings for gross income calculation.

Rhett Made His Annual Gambling Trip to Uwin Casino