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#41
04-11-2007, 01:54 PM
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Re: official 2006 tax brags and beats
[ QUOTE ]
[ QUOTE ] In the US, you can itemized your gambling losses up to your winnings. [/ QUOTE ] you sure about this? that's alot of HU SNGs i get to deduct (since i lose 40% of them, or 80% if it's on a weekend). [/ QUOTE ] The problem is you MUST use itemized deductions in order to be able to deduct your gambling losses. I would say statistically 80%+ of Americans use standardized deduction. People that itemize usually have mortgages/points they paid in the past year and such. So it all boils down to if your itemized deduction (Not sure if you won/lost that much for this to be worth it) is larger than your standard deduction (around $8400 for 2006 given you're single and not claimed as a dependent on someone else's tax return). If anyone has any more questions let me know. No pm's. k thx. 
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#42
04-11-2007, 02:15 PM
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Re: official 2006 tax brags and beats
[ QUOTE ]
[ QUOTE ] [ QUOTE ] In the US, you can itemized your gambling losses up to your winnings. [/ QUOTE ] you sure about this? that's alot of HU SNGs i get to deduct (since i lose 40% of them, or 80% if it's on a weekend). [/ QUOTE ] The problem is you MUST use itemized deductions in order to be able to deduct your gambling losses. I would say statistically 80%+ of Americans use standardized deduction. People that itemize usually have mortgages/points they paid in the past year and such. So it all boils down to if your itemized deduction (Not sure if you won/lost that much for this to be worth it) is larger than your standard deduction (around $8400 for 2006 given you're single and not claimed as a dependent on someone else's tax return). If anyone has any more questions let me know. No pm's. k thx. [/ QUOTE ] this is in no way a problem. if his standded > itemized then it's fine. It's not a system that screws you. You can't lose out with this.
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#43
04-11-2007, 02:17 PM
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Re: official 2006 tax brags and beats
[ QUOTE ]
[ QUOTE ] [ QUOTE ] In the US, you can itemized your gambling losses up to your winnings. [/ QUOTE ] you sure about this? that's alot of HU SNGs i get to deduct (since i lose 40% of them, or 80% if it's on a weekend). [/ QUOTE ] The problem is you MUST use itemized deductions in order to be able to deduct your gambling losses. I would say statistically 80%+ of Americans use standardized deduction. People that itemize usually have mortgages/points they paid in the past year and such. So it all boils down to if your itemized deduction (Not sure if you won/lost that much for this to be worth it) is larger than your standard deduction (around $8400 for 2006 given you're single and not claimed as a dependent on someone else's tax return). If anyone has any more questions let me know. No pm's. k thx. [/ QUOTE ] What are your qualifications? And can you recommend a good CPA in Philly area?
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#44
04-11-2007, 02:20 PM
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Re: official 2006 tax brags and beats
[ QUOTE ]
[ QUOTE ] [ QUOTE ] In the US, you can itemized your gambling losses up to your winnings. [/ QUOTE ] you sure about this? that's alot of HU SNGs i get to deduct (since i lose 40% of them, or 80% if it's on a weekend). [/ QUOTE ] The problem is you MUST use itemized deductions in order to be able to deduct your gambling losses. I would say statistically 80%+ of Americans use standardized deduction. People that itemize usually have mortgages/points they paid in the past year and such. So it all boils down to if your itemized deduction (Not sure if you won/lost that much for this to be worth it) is larger than your standard deduction (around $8400 for 2006 given you're single and not claimed as a dependent on someone else's tax return). If anyone has any more questions let me know. No pm's. k thx. [/ QUOTE ] So if I don't declare as a professional, do I seriously have to declare my income as all my profitable sessions (or tournaments), and then deduct all my losing sessions/tournaments? So like I'd claim my income as like 40k with 20k deducted or something ridiculous like that?
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#45
04-11-2007, 02:22 PM
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Re: official 2006 tax brags and beats
[ QUOTE ]
[ QUOTE ] [ QUOTE ] [ QUOTE ] In the US, you can itemized your gambling losses up to your winnings. [/ QUOTE ] you sure about this? that's alot of HU SNGs i get to deduct (since i lose 40% of them, or 80% if it's on a weekend). [/ QUOTE ] The problem is you MUST use itemized deductions in order to be able to deduct your gambling losses. I would say statistically 80%+ of Americans use standardized deduction. People that itemize usually have mortgages/points they paid in the past year and such. So it all boils down to if your itemized deduction (Not sure if you won/lost that much for this to be worth it) is larger than your standard deduction (around $8400 for 2006 given you're single and not claimed as a dependent on someone else's tax return). If anyone has any more questions let me know. No pm's. k thx. [/ QUOTE ] What are your qualifications? And can you recommend a good CPA in Philly area? [/ QUOTE ] I passed most of the CPA exam and currently working at one of the big 4 firms. I'm gonna be honest and say go to a non-american CPA. They are more lax than the average white man CPA and won't charge you an arm and a leg (ex: korean CPA's whose client base is mostly koreans = ROBUSTO in refunds). You didn't hear this from me though =D
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#46
04-11-2007, 02:23 PM
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Re: official 2006 tax brags and beats
Account called last night, and gave me worst case:
Beat: $145,000 Federal $35,000 State Not to mention I mailed a 6K property tax bill in last night. Variance: Do not have the cash to pay the taxes, not even close.
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#48
04-11-2007, 02:25 PM
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Re: official 2006 tax brags and beats
[ QUOTE ]
Account called last night, and gave me worst case: Beat: $145,000 Federal $35,000 State Not to mention I mailed a 6K property tax bill in last night. Variance: Do not have the cash to pay the taxes, not even close. [/ QUOTE ] Beat: you're BUSTO because of uncle sam Beat: your CPA sucks and/or too much of a straight arrow Variance: you can get a new accountant?
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#49
04-11-2007, 02:31 PM
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Re: official 2006 tax brags and beats
[ QUOTE ]
[ QUOTE ] Account called last night, and gave me worst case: Beat: $145,000 Federal $35,000 State Not to mention I mailed a 6K property tax bill in last night. Variance: Do not have the cash to pay the taxes, not even close. [/ QUOTE ] Beat: you're BUSTO because of uncle sam Beat: your CPA sucks and/or too much of a straight arrow Variance: you can get a new accountant? [/ QUOTE ] This is worst case, I am sure my CPA will get these numbers down, but there is only so much you can do. Once you earn over the AMT limits, your deductions start to go away.
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#50
04-11-2007, 02:38 PM
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Re: official 2006 tax brags and beats
14k fed
5k state 6k property Thought I was going to owe double that. [img]/images/graemlins/heart.gif[/img] my new accountant.
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