Tax treatment for gambling winnings/losses for individuals

Related BrainMass Solutions

• Joe owes Willy $5,000 from an old gambling debt: Tax treatme

  375399 Tax treatment: gambling debt Joe owes willy $5,000 from an old gambling debt. Discuss the tax treatment for the $5,000 to both Joe and Willy.

• Different Tax Laws

  Green does not seem to maintain accounts of wagers and winnings and losses on day to day basis nor does he account for day to day gains and losses Dr. Green will not qualify as a trade or a business.

• Accounting Taxation: Evaluating Tax Issues and Tax Advantages

  1) He can deduct the gambling losses to the extent that he has gambling winnings. If he has no gambling winnings for the year then he cannot deduct any of the loss.

• A taxpayer had the following income and losses in 2006

  Gambling losses can be deducted but not in excess of gambling winnings.

• Computing Taxable Income and Deductions For/From AGI

  gambling losses in excess of gambling winnings $8,000 These losses are non-deductible.

• Tax planning ideas for Kevin and Janet: IRS rules

  It's hard to use tax planning strategies in the same sentence with gambling losses, but it is significant to note that tax law will allow gambling losses to the extent of winnings.

• Itemized Deductions Limitations

  losses $9800 - 2400 (limited to winnings) = $7,400 Total itemized deductions are 9500 + 5200 + 4400 + 5400 + 4800 + 7000 + 900 + 7400 = 44,600.

• Issues in taxation

  Fees for investment advice B. Employee business expenses C. Gambling losses to the extent of gambling winnings D. Tax preparation fees 14) After a meeting with a prospective client, Holly paid for dinner.

• A Discussion On Taxation

  The progressive tax rate structure in the U.S. is based on filing status for individuals, and is based on income without any other type of status for corporations and other tax paying entities.