19 Required information Part 2 of 2 [The following information applies to the qu

Question

19 Required information Part 2 of 2 [The following information applies to the questions displayed below. In each of the following independent cases, indicate the amount (1) deductible for AGI, (2) deductible from AGI, and (3) deductible neither for nor from AGI before considering income limitations or the standard deduction. (Leave no answer blank. Enter zero if applicable.) 0.45 points f. Wayne lost $680 on the bets he made at the race track, but he won $157 playing slot machines eBook Print Deductible for AGI Deductible from AGI Not deductible References

Explanation / Answer

Corect answer is option C - Non Deductible

Because AGI(Adjusted Gross Income), Includes all earnings from other sources including winning on races, but does allows for any deduction for AGI nor ANy kind of adjustment/deduction from AGI.

Earnings are taxable but the losses can not be adjusted

and losses are not allowed for any set-off against winnings or income in case of winning from lotteries, betting, gambling, etc.

Here in this case no amount will be allowed for deduction for AGI

No amount for deduction from AGI

Not Deductible - $ 680,

$ 157 will be included in AGI as winnings from betting.

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