# Michael won \$500 at Lucky Casi

Michael won \$500 at Lucky Casino and \$1,250 at Riverboat Casino.His losses for the year at Lucky Casino were \$800 and his losses atRiverboat Casino were \$900. He also spent \$100 for lottery ticketswithout winning anything. How much can he deduct on Schedule A(Form 1040 or 1040-SR) for gambling losses? \$1,400 \$1,700 \$1,750\$1,800

Solution :

Gambling Winnings :

All the winnings from gambling like lottery, horse races, cardgames, etc.. should be reported under “other income”.

Gambling Losses :

Gambling losses can be deducted only if the deductions areitemized. Gambling losses can be claimed only upto the Gamblingincome. The losses claimed cannot exceed thegambling income.

Lottery tickets :

The expense incurred to purchase lottery ticket can be claimedas deductions if the deductions are itemized. Also, the expense onlottery tickets can be claimed only if there is any kind ofgambling winnings, even if there is no winnings from lottery.

In the given case :

Winnings from gamblings = \$500 + \$1,250 = \$1,750

Losses from gamblings = \$800 + \$900 = \$1,700

Expense on lottery tickets = \$100

Sum of gambling losses + expense on lottery tickets = \$,1800

However, the eligible deduction cannot exceed the gamblingincome.

Hence total eligible deductions shall be restricted to\$1,750.

##### "Our Prices Start at \$11.99. As Our First Client, Use Coupon Code GET15 to claim 15% Discount This Month!!"
Calculate the price
Pages (550 words)
\$0.00
*Price with a welcome 15% discount applied.
Pro tip: If you want to save more money and pay the lowest price, you need to set a more extended deadline.
We know how difficult it is to be a student these days. That's why our prices are one of the most affordable on the market, and there are no hidden fees.

Instead, we offer bonuses, discounts, and free services to make your experience outstanding.
How it works
Receive a 100% original paper that will pass Turnitin from a top essay writing service
step 1
Fill out the order form and provide paper details. You can even attach screenshots or add additional instructions later. If something is not clear or missing, the writer will contact you for clarification.
Pro service tips
How to get the most out of your experience with brilliantassignmenthelp.com
One writer throughout the entire course
If you like the writer, you can hire them again. Just copy & paste their ID on the order form ("Preferred Writer's ID" field). This way, your vocabulary will be uniform, and the writer will be aware of your needs.
The same paper from different writers
You can order essay or any other work from two different writers to choose the best one or give another version to a friend. This can be done through the add-on "Same paper from another writer."
Copy of sources used by the writer
Our college essay writers work with ScienceDirect and other databases. They can send you articles or materials used in PDF or through screenshots. Just tick the "Copy of sources" field on the order form.
Testimonials
See why 20k+ students have chosen us as their sole writing assistance provider
Check out the latest reviews and opinions submitted by real customers worldwide and make an informed decision.
11,595
Customer reviews in total
96%
Current satisfaction rate
3 pages
Average paper length
37%
Customers referred by a friend
Use a coupon FIRST15 and enjoy expert help with any task at the most affordable price.
Claim my 15% OFF Order in Chat