Which of the following items would be an itemized deduction on Schedule A of Form 1040?
A)Professional dues paid by an accountant (employed by Ford Motor Co.) to the National Association of Accountants.
B)Gambling losses to the extent of gambling winnings.
C)Job-hunting costs.
D)Subscription to the Wall Street Journal.
E)None of these.

Question

Quizplus · Accepted Answer

Gambling losses to the extent of gambling winnings are deductible as an itemized deduction on Schedule A of Form 1040. This is allowed under the tax code to help offset any reported gambling income, making only the net winnings taxable.

Which of the Following Items Would Be an Itemized Deduction