Re: WTF is this AMT nonsense? (taxes)
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I'd have to research it to be sure, but I'm pretty sure that the deductions for gambling losses are not included in the AMT calculation. Therefore, even if you have (hypothetically) $1,000,000 in wins and $9,950,000 in losses (for total income of $50,000), you should still not be hit with AMT.
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I'm just a lurker reading on this tax stuff.. but I just had to be a silly nitpicker here...
9 million dollars hypothetical loss against 1 million dollars in hypothetical wins, WOW! [img]/images/graemlins/wink.gif[/img]
* CalvinTy
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