Are gambling losses deductible for amt

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You can deduct gambling losses directly from your gambling income instead of deducting them as an itemized deduction on Schedule A.Professional and nonprofessional gamblers alike need to keep adequate records to document their gambling losses. Exam 2 2 Flashcards Gambling losses. Definition. -deductible up to amount of winnings.-exclusion of an item that should not be excluded -ex: home mortgage interest deduction -included in calculating AMT.-deductible -sales tax aren't -4 states do not have income tax. Gambling losses misc itemized deductions - CPA... |…

Losses - definition of losses by The Free Dictionary

And that most of the $103.2 million of losses he carried over from previous years were deductible for regular income tax purposes in 2005, but not for AMT purposes. Mary Ann Phillips CPA PA : Itemized Deductions -- 2018

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Tax Help: Gambling Winnings and Losses: What You Need to May 26, 2016 · A deduction for losses is limited. Taxpayers can deduct gambling losses for the year only to the extent of their gambling winnings. However, losses are not simply netted against winnings to lower or eliminate the amount of winnings reported. The winnings are reported in full and then a loss can be taken separately. Deducting Gambling Losses with the New Tax Bill Dec 18, 2018 · Gambling losses cannot be greater than gambling wins for the tax year. Example: John wins $23,500 during the year playing slots and other casino games. His gambling losses are $37,900.