Thread: WTF is this AMT nonsense? (taxes)
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Old 03-24-2006, 10:15 PM
thwang99 thwang99 is offline
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Join Date: Sep 2002
Location: California, USA
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Default Re: WTF is this AMT nonsense? (taxes)
[ QUOTE ]
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.

But like I said I'm not really a tax expert, but I don't think your guy is either....I'd go to somebody else.

[/ QUOTE ]

Yes you aren't a tax expert, but I like the way you calculate net wins. [img]/images/graemlins/wink.gif[/img]
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