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Return to Professional Judgment |
Gambling Losses
Gambling winnings are reported as part of AGI. Gambling losses can be
included as itemized deductions on Schedule A up to the amount of the
winnings. Schedule A deductions do not affect AGI. Since only the net
winnings are available to the family, it is reasonable to use
professional judgment to reduce AGI by the amount of the gambling
losses. The losses should be documented.
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