Hortencia is employed as an accountant for a large firm in Denver. For relaxation she likes to go to a nearby casino and play in blackjack tournaments. During 2020, she incurred $6,475 in gambling losses and $5,250 in gambling winnings. Hortencia plans to itemize her deductions in 2020 because she purchased a home this year and has mortgage interest expense; what amount could she claim on her return for other itemized deductions for the year?
Hortencia is employed as an accountant for a large firm in Denver. For relaxation she likes to go to a nearby casino and play in blackjack tournaments. During 2020, she incurred $6,475 in gambling losses and $5,250 in gambling winnings. Hortencia plans to itemize her deductions in 2020 because she purchased a home this year and has mortgage interest expense; what amount could she claim on her return for other itemized deductions for the year?
Chapter3: Business Income And Expenses
Section: Chapter Questions
Problem 8P: Martha is a self-employed tax accountant who drives her car to visit clients on a regular basis. She...
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Hortencia is employed as an accountant for a large firm in Denver. For relaxation she likes to go to a nearby casino and play in blackjack tournaments. During 2020, she incurred $6,475 in gambling losses and $5,250 in gambling winnings.
Hortencia plans to itemize her deductions in 2020 because she purchased a home this year and has mortgage interest expense; what amount could she claim on her return for other itemized deductions for the year?
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT