Question

Shannon won $1,000 in a poker tournament she entered in May. In July and September, she lost $600 and $700 in two other tournaments. She reported $1,000 of gambling winnings on Form 1040. What amount can Shannon deduct as gambling losses for the year on Schedule A

Answer 1

Answer:

$1,300

Explanation:

Calculation for What amount can Shannon deduct as gambling losses for the year on Schedule A

Using this formula

Gambling losses for the year=July loss + September loss

Let plug in the formula

Gambling losses for the year=$600 +$700

Gambling losses for the year=$1,300

Therefore the amount that Shannon can deduct as gambling losses for the year on Schedule A

will be $1,300