Hi, My AGI this year was $57000. I won $5000, on a lottery ticket. I also have $5,000 worth of gambling losses to claim when i Itemize deductions. Does theat completely wipe out any tax i would pay for the $5000? FIgured the tax bracket im in would be around $800 in taxes. So making it a $4000 check. Anywho, if i claim 5k in losses, will that completely wipe the taxes that would be paid on this amount?> Will this put me in a diff bracket? Please, i need to know this is causing an issue with family (Free money does that huh?) Thank you.
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