Which of the Following Statements About the Tax Consequences of Gambling

question 23

Multiple Choice

Which of the following statements about the tax consequences of gambling is true?

• A) Gambling winnings are not taxable, and gambling losses are not deductible.
• B) Gambling losses are an above-the-line deduction.
• C) Gambling losses are deductible as itemized deductions only to the extent of gambling winnings.
• D) Gambling winnings are taxable, but gambling losses are not deductible.

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