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 rating: 100% (QA)

Shannon can deduct her gambling losses up to the amount of her gambling winnings as long as s... View the full answer