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#31
12-20-2006, 08:00 PM
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Re: My Accountant: \"But how much did you lose?\"
[ QUOTE ]
Other way around, amateurs have to report gross wins and losses, while professionals just report net. [/ QUOTE ] what's the difference between an amateur and a professional, as far as taxes are concerned, besides what I just quoted? 
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#32
12-20-2006, 08:02 PM
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Re: My Accountant: \"But how much did you lose?\"
[ QUOTE ]
[ QUOTE ] Other way around, amateurs have to report gross wins and losses, while professionals just report net. [/ QUOTE ] what's the difference between an amateur and a professional, as far as taxes are concerned, besides what I just quoted? [/ QUOTE ] if you do not have another job or the vast majority of your income is derived from gambling then you are a professional
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#33
12-20-2006, 08:07 PM
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Re: My Accountant: \"But how much did you lose?\"
[ QUOTE ]
[ QUOTE ] [ QUOTE ] Other way around, amateurs have to report gross wins and losses, while professionals just report net. [/ QUOTE ] what's the difference between an amateur and a professional, as far as taxes are concerned, besides what I just quoted? [/ QUOTE ] if you do not have another job or the vast majority of your income is derived from gambling then you are a professional [/ QUOTE ] say you make $75,000/yr running a business mostly from a PDA, but you also make $35,000/yr playing 8/16 live 5 days a week. Are you a professional gambler? My guess is that you could go either way on your taxes. But my question, is what the pros and cons (if any) are either way.
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#34
12-20-2006, 08:23 PM
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Re: My Accountant: \"But how much did you lose?\"
you would be incorrect with that guess.
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#35
12-20-2006, 09:05 PM
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Re: My Accountant: \"But how much did you lose?\"
[ QUOTE ]
[ QUOTE ] time for a new accountant? hire him as a comedian instead! rj [/ QUOTE ] Is this antisemetic? I can't tell anymore... [/ QUOTE ] Actually this guy wasn't Jewish... <font color="white"> aw hell who am i kidding, of course he was lol. </font>
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#36
12-20-2006, 09:16 PM
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Re: My Accountant: \"But how much did you lose?\"
probally didnt happen but if it did wow hes dumb.
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#38
12-21-2006, 01:20 AM
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Re: My Accountant: \"But how much did you lose?\"
This is obviously going to sound really stupid but I know why people ask how much did you lose? Sometimes it's seriously a good question to ask because people aren't truthful about their winnings because they don't count losses or double count stuff. Now asking how much did you lose is obviously not the best way of asking but it sometimes is an ok questions. BTW I'm aware this is like the worst post ever in BBV.
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#39
12-21-2006, 01:21 AM
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Re: My Accountant: \"But how much did you lose?\"
You said XXXXX. Accountant asked is that winnings or profit, because he wanted to put in the actual number for winnings and use the losses as deductions. Then you said it is profit, and he how much did you lose because the amount you lost + amount in profit = your total winnings. So just 1 more question and got 2 things figured out.
I don't know why you would find this funny, when you can't even understand basic accounting and tax laws.
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#40
12-21-2006, 01:24 AM
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Re: My Accountant: \"But how much did you lose?\"
[ QUOTE ]
You said XXXXX. Accountant asked is that winnings or profit, because he wanted to put in the actual number for winnings and use the losses as deductions. Then you said it is profit, and he how much did you lose because the amount you lost + amount in profit = your total winnings. So just 1 more question and got 2 things figured out. I don't know why you would find this funny, when you can't even understand basic accounting and tax laws. [/ QUOTE ] ban?
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