Hortencia is employed as an accountant for a large firm in San Diego. For relaxation she likes to go to a nearby casino and play in blackjack tournaments. During 2019, she incurred $6,575 in gambling losses and $5,330 in gambling winnings. Hortencia plans to itemize her deductions in 2019 because she purchased a home this year and has mortgage interest expense; what amount could she claim on her return for other itemized deductions for the year

The amount that Hortencia can claim on her return for other itemized deductions for the year is $5330.

It should be noted that gambling losses can only be itemized based on the extent of winnings when the deductions are itemized.

Since the gambling losses incurred is $6,575 while the winnings is $5330. Therefore, Hortencia can claim $5330 as other itemized deductions for the year.

Read related link on:

answerskimming;

consumer credit. an advantage is that it allows consumers to afford expensive goods and services now, increasing their standard of living. however, a disadvantage is that it creates a trap for debt, if people do not have self control, they may see themselves filing personal bankruptcy.