Tax questions

February 29, 2000

Members of the Maryland Association of Certified Public Accountants are answering readers' tax questions through April 15.

What is the amount of slot machine winnings that you have to declare on your income tax? How do you take the losses from the winnings, and what line do you place it on your tax return? Is it both state and federal?

All gambling winnings are reportable as income on line 21 of the first page of the federal Form 1040. If you itemize, you may deduct losses from gambling, up to the amount of your gambling winnings, reported on Schedule A, line 27. If you use the standard deduction, there is no additional deduction for gambling losses. The IRS and the state of Maryland treat these items the same.

Corinne M. Bradac, CPA, Linton, Shafer & Co., Frederick

The above advice is for general purposes only and is not intended as legal, accounting or tax advice. Specific situations may vary. To ask a tax question, call Sundial, The Sun's telephone information service, at 410-783-1800. Call 410-268-7736 in Anne Arundel County, 410-836-5028 in Harford County, 410-848-0338 in Carroll County. Using a touch-tone phone, punch in the four-digit code 6225 after the greeting. You can also submit questions by e-mail through The Sun's Web site, www.sunspot .net/tax.

Selected questions will be answered in the Business section. No questions will be answered personally.

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