In 2020, Lucas O'Neal has gambling winnings of $7,000 and gambling losses of $11,000. Assuming Lucas will use the standard deduction, how will he report the gambling activity on his 2020 federal income tax return? A. Gross income of $7,000; zero deduction B. Gross income of $7,000; $11,000 deduction for AGI C. Net loss of $4,000, zero itemized deduction D. Gross income of $7,000; $4,000 deduction for AGI E. None of the above

In 2020, Lucas O'Neal has gambling winnings of $7,000 and gambling losses of $11,000. Assuming Lucas will use the standard deduction, how will he report the gambling activity on his 2020 federal income tax return? A. Gross income of $7,000; zero deduction B. Gross income of $7,000; $11,000 deduction for AGI C. Net loss of $4,000, zero itemized deduction D. Gross income of $7,000; $4,000 deduction for AGI E. None of the above

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter12: Alternative Minimum Tax

Section: Chapter Questions

Problem 35P

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