Lori had the following income and losses during the current year: Wages $22,000 Share of partnership...
Lori had the following income and losses during the current
year:
| Wages | $22,000 |
| Share of partnership income | 18,000 |
| Unemployment compensation | 12,000 |
| Gambling winnings | 2,000 |
| Gambling losses | ( 5,000) |
| Prize won from a charity raffle | 30,000 |
What is Lori's adjusted gross income?
Homework Answers
Answer:-$84000
Gambling losses to the extent of gambling winnings are deductible as itemized deduction and do not affect AGI
= 22000+18000+12000+2000+30000
=$84000
Add Answer to:
Lori had the following income and losses during the current
year:
Wages
$22,000
Share of partnership...
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