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Which of the following statements is INCORRECT regarding gambling winnings and losses for recreational gamblers? Multiple choice question. Gambling losses must be deducted as an

Which of the following statements is INCORRECT regarding gambling winnings and losses for recreational gamblers?

Multiple choice question.

Gambling losses must be deducted as an itemized deduction.

The excess of gambling winnings over gambling losses are included in gross income.

Gambling losses in excess of gambling winnings are not deductible.

Gambling winnings are included in gross income.

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