Caleb is not a professional gambler, but he does like to play slot machines and purchase lottery tickets from time to time. During the year, he won $2,000 while playing slots at Lucky Casino. Caleb kept good records of his gambling winnings and losses, and he has documentation showing that, while he did have some winnings, his losses at the casino totaled $2,350. He also has records showing he spent an additional $200 for lottery tickets without winning anything. If Caleb itemizes his deductions, how much can he claim for gambling losses on Schedule A, Itemized Deductions?

Answer rating: 100% (QA)

For tax purposes gambling losses are deductible but ... View the full answer