#11
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Re: Filing taxes as a \"losing\" professional gambler
Does it protect the taxpayer or the IRS?
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#12
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Re: Filing taxes as a \"losing\" professional gambler
[ QUOTE ]
If his income did not exceed $8,450 he does not need to file! He has zero tax liability, therefore he has no obligation to file at all! If he is married that amount goes up to $16,900. Since he breaks no laws if he doesn't even bother to file why does a statute of limitation apply? [/ QUOTE ] i'm confused, so you are suggesting I don't even file? i thought filing under any and all circumstances was always recommended. Moreover, CPA's and tax experts are a dime a dozen. How in the heck am i supposed to find one i'm confident will do my return correctly? I'm single, rent, no investments(yes, i'm a real winner). All that i'm going to put on my taxes is gambling winnings and losses. and my net is going to be negative. I have no idea what i could deduct, nor do i think this applies considering I have made no money in 2006. |
#13
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Re: Filing taxes as a \"losing\" professional gambler
I listed the reasons why you should file. I was simply stating you were not required to file, therefore statutes of limitation mean nothing.
If you want to find a competent accountant you should ask around. Surely you know someone that uses a CPA. |
#14
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Re: Filing taxes as a \"losing\" professional gambler
[ QUOTE ]
Does it protect the taxpayer or the IRS? [/ QUOTE ] How do you get so far off topic? Good God. |
#15
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Re: Filing taxes as a \"losing\" professional gambler
You should file;
1. If you're confident that you did have a loss for the year, then an audit would be very good. Once they see how good your records are, they likely will not come back. Of course, this is very good for future tax planning. A "no change" audit is gold 2. The "failure to file" penalty is quite high, 25% after only 5 months. Mistakes happen, you're not perfect, maybe no taxes, maybe not. Its not worth the chance and you want an audit. 3. The SL starts the minute you file and in 3 years, the return is generally audit free. This provision is for your benefit, take advantage of it. As I see it, you have nothing to lose and a few good things can happen. Good Luck |
#16
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Re: Filing taxes as a \"losing\" professional gambler
[ QUOTE ]
Mistakes happen, you're not perfect, maybe no taxes, maybe not. Its not worth the chance [/ QUOTE ] This is the best thing that has been said in this thread. That is why you hire an accountant. You would hate to get audited in two years, find out you made an error and you actually had a tax liability. |
#17
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Re: Filing taxes as a \"losing\" professional gambler
Thanks for your help. One question. You wrote:
[ QUOTE ] 3. The SL starts the minute you file and in 3 years, the return is generally audit free. This provision is for your benefit, take advantage of it. [/ QUOTE ] What is "sl"? I'm sure this is basic. I'm a newb, enlighten please. |
#18
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Re: Filing taxes as a \"losing\" professional gambler
[ QUOTE ]
Thanks for your help. One question. You wrote: [ QUOTE ] 3. The SL starts the minute you file and in 3 years, the return is generally audit free. This provision is for your benefit, take advantage of it. [/ QUOTE ] What is "sl"? I'm sure this is basic. I'm a newb, enlighten please. [/ QUOTE ] SL is a type of Mercedes. |
#19
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Re: Filing taxes as a \"losing\" professional gambler
The SL is the Statute of Limitmations I refer to earlier. Required reading for business people. Don't think in terms of filing a return every April 15th, its more like "another one bites the dust". Tomorrow, 2003 bites the dust, Yippee.
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#20
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Re: Filing taxes as a \"losing\" professional gambler
Have you had previous years where you filed a return as a winning professional gambler? If not, the IRS might make life hard on you.
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