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