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20 November, 03:14

What amount of gambling winnings should be reported as other income on linda's return?

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  1. 20 November, 05:56
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    Here are the full information of the question: She had a Form W-2G showing gambling winnings of $1,000. She tells you she won an additional $400 for which she did not receive a Form W-2G. She also mentions she had $1,200 in gambling losses.

    Assuming that Linda did the gambling that subjected to federal taxation, the amount of other income that Linda should report is:

    $ 1,000 + $ 400 - $ 1,200 = $200
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