At that level, probably none:<p><a href="http:&#x2F;&#x2F;www.fitz-cpa.com&#x2F;gambling.aspx#GM7" rel="nofollow">http:&#x2F;&#x2F;www.fitz-cpa.com&#x2F;gambling.aspx#GM7</a><p>Once you are in AMT territory, you lose the deduction.