During the current year, Barney loses $5,000 while gambling. His gambling winnings for the year are $2,000. What is his gambling loss deduction assuming he is single and has other itemized deductions of $15,000?

Question

Quizplus · Accepted Answer

Gambling losses are deductible to the extent of gambling winnings. Therefore, Barney can deduct $2,000 of his losses, the amount of his winnings, as an itemized deduction.

During the Current Year, Barney Loses $5,000 While Gambling