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    Business
  3. Study Set
    Federal Taxation
  4. Exam
    Exam 10: Deductions and Losses: Certain Itemized Deductions
  5. Question
    Gambling Losses May Be Deducted to the Extent of the Taxpayer's
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Gambling Losses May Be Deducted to the Extent of the Taxpayer's

Question 8

Question 8

True/False

Gambling losses may be deducted to the extent of the taxpayer's gambling winnings. Such losses are subject to the 2%-of-AGI floor for miscellaneous itemized deductions.

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