gambling winnings and other tax advice

[milwaukee mike]

if anyone has any questions just let me know, either here in the thread or pm

i will always keep it confidential and never accept any payments, but i will never prepare any tax returns

let's get some refunds to gamble with!

[laclippers504]

Very nice gesture

Thanks Mike

[milwaukee mike]

if you itemize deductions, don't forget to report goodwill and other non-cash donations... up to $5000/year all you need is a slip/receipt, more than that and you would need an appraisal.

other donations many people miss are zoo/museum memberships, the value of parking should be backed out of those which is silly

[milwaukee mike]

Very nice gesture

Thanks Mike

you're welcome

in high tax states like california and wisconsin we need to take every break we're entitled to!

[newguy]

Wisconsin really high tax?? Illinois is but figured Ryan would have gotten that under control no??

[Bigbill365]

Hey I only made about $3,300 and thats what my W-2 said or watever form it was.Do i need to file taxes?also was i supposed to pay any taxes on that?and if so how much? im a private contractor.

[milwaukee mike]

Wisconsin really high tax?? Illinois is but figured Ryan would have gotten that under control no??

individual tax rates here are 7.75%... sales taxes are cheap at 5.6% in milwaukee county but real estate taxes are ridiculously high.

someone in a $300,000 house in milwaukee that makes $70,000/year will pay around $5000 in wisconsin income tax and $8000 in real estate taxes.

[milwaukee mike]

Hey I only made about $3,300 and thats what my W-2 said or watever form it was.Do i need to file taxes?also was i supposed to pay any taxes on that?and if so how much? im a private contractor.

if you're an independent contractor then that is probably a 1099-MISC form. in that case YES you have to file taxes because you owe self-employment taxes (social security/medicare) on the net. once you deduct mileage, tools, etc you could probably get that down to 0 on a schedule c and owe nothing on it.

[laclippers504]

Hey Mike I have a question

Chase is closing my checking accounts and my retirement and my IRA....I got letters from there risk management department. The only reason I could think of this is because of the amounts of deposits and withdraws but is this a sign that I will be audited?

[milwaukee mike]

Hey Mike I have a question

Chase is closing my checking accounts and my retirement and my IRA....I got letters from there risk management department. The only reason I could think of this is because of the amounts of deposits and withdraws but is this a sign that I will be audited?

wow that stinks, sorry to hear

but that has nothing to do with IRS or the state auditing you for income tax purposes, nobody other than the bank will see those transactions

[laclippers504]

wow that stinks, sorry to hear

but that has nothing to do with IRS or the state auditing you for income tax purposes, nobody other than the bank will see those transactions

Kay. Thanks Mike

[Monitor-Tan]

For anyone who gets 1099 with DFS, and you are playing professionally and not as hobby, remember you can deduct, memberships to sites, your cable and TV bill. You can also deduct part of your rent proportion to how much of your house you use as business aka for DFS purpose in this situation as home office.

[jjgold]

Mike your not going to have much here

WE ALL LOSE

[rm18]

are donations to hookers tax deductible?

[tatddy]

are donations to hookers tax deductible?

That's a medical expense.

[Monitor-Tan]

That's a medical expense.

I'd probably but that more under Entertainment Expense.

[thetrinity]

I do taxes actually as a side job, in Pennsylvania we also have to pay a local wage taxusually 1% of earned income, but 3% in Pittsburgh, I can answer questions 2, would accept a few points as donation as I'm sure Mike would.

[grekos]

Hey Mike what about the casinos getting youre information passed to the treasury whenever the 10 dime mark is passed.

[a4u2fear]

It's 2/15 still haven't received tax papers from scottrade, how is that legal?

[milwaukee mike]

It's 2/15 still haven't received tax papers from scottrade, how is that legal?

a lot of brokers have gotten extensions lately... i got an email from LPL saying some consolidated 1099s won't be available until march 15

[milwaukee mike]

Hey Mike what about the casinos getting youre information passed to the treasury whenever the 10 dime mark is passed.

i've never seen anyone audited because a CTR was filed for having over 10,000 in buyin/cashout... player could easily claim that the trip to the casino was 1 session, they stuck 14,000 into various games and cashed out 12,000 so i think IRS doesn't bother tracking that stuff for income tax purposes, just W-2G

[Big Bear]

you guys deduct your cable bill ? and say its part of being a professional gambler?

[milwaukee mike]

you guys deduct your cable bill ? and say its part of being a professional gambler?

if you're claiming professional gambler status then the internet portion of it would be deductible. and the cable tv portion of it if you are watching tvg for horse racing, or watching games/scores for betting purposes