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On the additional hand, if Jim spends $600 and wins $1,600, he too must report the $1,600. But if he itemizes, he can claim total $600 to be a loss on schedule A since they are allowed to report any losses up to $1,600. Ironically, this law helps winners more personal computer helps losers. So think positively. Think like a winner, and save those old entrance tickets.
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