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On the other hand, if Jim spends $600 and wins $1,600, he too must report the $1,600. But if he itemizes, he can claim the total $600 for a loss on schedule A since he can be allowed to report any losses as much as $1,600. Ironically, this law helps winners more laptop or computer helps losers. So think positively. Think like a winner, and save those old ticket.
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