A taxpayer had the following income and losses in the current year:

What is the taxpayer's adjusted gross income?

Name: A taxpayer had the following income and losses in the current year: What is the taxpayer's adjusted gross income?
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Question

A taxpayer had the following income and losses in the current year:

What is the taxpayer's adjusted gross income?

Quizplus · Accepted Answer

D) Gambling losses are deductible as itemized deductions to the extent of gambling winnings and therefore do not affect AGI. The capital loss deduction is limited to $3,000. $55,000 - $3,000 + $4,500 + $8,000 = $64,500.

A Taxpayer Had the Following Income and Losses in the Current