Identify the following items with an R if it is a deduction For adjusted gross income. Identify with an M if it is a deduction From adjusted gross income.
-Gambling losses
A) deduction For adjusted gross income(R)
B) deduction From adjusted gross income(M)

Question

Quizplus · Accepted Answer

Gambling losses are considered a deduction from adjusted gross income, not for adjusted gross income. They are itemized deductions, which are subtracted from AGI to determine taxable income.

Identify the Following Items with an R If It Is