Re: Reporting Gambling Winings
Ah, but then there are happy fun states that don't allow gambling losses to be deducted.
That is unequivocally wrong. Your AGI goes up 100k, but you deduct the 100k on Schedule A. You're not directly increasing your tax burden as it is calculated after your deductions are taken out. However, you do lose the standard if you weren't already itemizing plus all the deduction phaseouts and AMT assocaited with a higher AGI.
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