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Are any of the following losses deductible on an individuals income tax return? If so, is the loss deductible for or from AGI? Explain each

  1. Are any of the following losses deductible on an individuals income tax return? If so, is the loss deductible for or from AGI? Explain each loss.

Loss Amount

Loss on sale of stock in an individuals wholly-owned business corporation $4,000

Hobby loss in excess of hobby gross income 3,000

Gambling losses in excess of gambling winnings 8,000

Loss on sale of stock in individuals investment portfolio 9,000

Decline in value of stock held in individuals investment portfolio 7,000

Loss on sale of personal automobile 2,000

Total $33,000

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