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A taxpayer is employed as an accountant for a large firm in Las Vegas. For relaxation he likes to go to the casinos and play
A taxpayer is employed as an accountant for a large firm in Las Vegas. For relaxation he likes to go to the casinos and play in poker tournaments. During 2022, he incurred $6,600 in gambling losses and $5,350 in gambling winnings. He plans to itemize his deductions in 2022 because he purchased a home this year and has significant mortgage interest expense.
Required: What amount could he claim on his return as "other" itemized deductions for the year?
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