2018- Itemized deductions-Gambling losses
Answer:
Gambling losses remain deductible as a miscellaneous itemized deduction (not subject to the 2% limitation) to the extent of gambling winnings.
The Act provides that all deductions for expenses incurred in carrying out wagering transactions, and not just gambling losses, are limited to the extent of gambling winnings.
The Act provides that all deductions for expenses incurred in carrying out wagering transactions, and not just gambling losses, are limited to the extent of gambling winnings.