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#1
11-11-2007, 12:09 PM
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2 tax questions, tax software
I was wondering if anybody knew if Turbotax will help you with taxing poker income the correct way?
Also, I had pretty much all losses in 2005 [img]/images/graemlins/frown.gif[/img] and didnt include it on my taxes. I also paid next to nothing in taxes that year because of school, etc. I was wondering if I can still deduct those losses against winnings in 2007? 
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#2
11-11-2007, 01:59 PM
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Re: 2 tax questions, tax software
The answer to the second question is no. You won't be able to use previous years' losses to offset later years' winnings. The tax code allows for certain types of excess losses to be carried over or back to other years. Unfortunately, gambling losses aren't one of them.
I haven't worked with Turbotax, so I can't help you there.
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#3
11-12-2007, 01:10 PM
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Re: 2 tax questions, tax software
Yes, on a limited framework. The software won't be able to help you with complicated submissions, but for simple gross loss/gross win items, it can help you report correctly.
No, you can't carry forward 2005. I'm not even sure if you could reach back and grab 2005, if you were filing as a professional for the first time in 2007. I seriously doubt that you could
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#5
11-13-2007, 05:21 AM
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Re: 2 tax questions, tax software
[ QUOTE ]
ok, thanks guys. I'll probably use turbotax this year and learn how to do my taxes myself. [/ QUOTE ] I've used TurboTax for many years. With few exceptions most of the information is well presented. Occasionally some situations require the help of a proffesional, so start early so you keep your options open. Be prepared to read a lot of tax code if your tax situation is fairly complex. D$D
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