Bob, I assume you are referring to the Form 6251 Alternative Minimum Tax — Individuals. Assuming for the 2010 tax year you have no income other than from poker, and that the total from all winning gambling “sessions” (some positive number) is less than the total from all losing gambling “sessions,” the answer to your question is no. Taxation of Gambling - The Tax Adviser A taxpayer who has $50,000 of gambling winnings and $50,000 of gambling losses in Wisconsin for a tax year, for example, must pay Wisconsin income tax on the $50,000 of gambling winnings despite breaking even from gambling for the year. Gambling Income and Losses - IRS Tax Map The following rules apply to casual gamblers who aren't in the trade or business of gambling. Gambling winnings are fully taxable and you must report the income on your tax return. Gambling income includes but isn't limited to winnings from lotteries, raffles, horse races, and casinos. Solved: All Of The Following Are Allowable Deductions Unde ...
Alternative Minimum Tax (AMT) Strategies | SingletonAuman, PC
Gambling Losses & Winnings - San Diego CPA: Business Tax ... Gambling losses are not an adjustment (add-back) in calculating Alternative Minimum Tax (AMT). The AGI Problem. Gambling winnings increase Adjusted Gross Income (AGI) but gambling losses do not decrease AGI (except for a Professional Gambler). Even if an equal amount of gambling winnings and losses are on the tax return, taxable income can be ... Topic No. 419 Gambling Income and Losses | Internal ... Topic Number 419 - Gambling Income and Losses. The following rules apply to casual gamblers who aren't in the trade or business of gambling. Gambling winnings are fully taxable and you must report the income on your tax return. Gambling income includes but isn't limited to winnings from lotteries, raffles, horse races, and casinos. Can You Claim Gambling Losses on Your Taxes? - TurboTax Reporting gambling losses. To report your gambling losses, you must itemize your income tax deductions on Schedule A.You would typically itemize deductions if your gambling losses plus all other itemized expenses are greater than the standard deduction for your filing status.
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Gambling losses are not an adjustment (add-back) in calculating Alternative Minimum Tax (AMT).For gambling loss deductions, more than almost any other type of tax deduction, careful record-keeping is critical to secure the deductions you are entitled to. Taxation of Gambling: Professional Versus Amateur … Third, a taxpayer’s gambling losses may trigger the Alternative Minimum Tax.The professional gambler is also subject to the self-employment tax, which is a social security and Medicare tax primarily for individuals who work for themselves.
How Are Gambling Winnings Taxed? | The TurboTax Blog
Play your tax cards right with gambling wins and losses ... Aug 27, 2018 ... Both wins and losses can affect your income tax bill. ... Also be aware that the deduction for gambling losses is limited to your winnings for the ... When Your Poker Face Pays Off: Tax Rules for Gamblers - Zinner & Co. Aug 4, 2015 ... Unlike most miscellaneous itemized deductions, gambling losses are not disallowed under the alternative minimum tax (AMT) rules. However ... The AMT Trap - Journal of Accountancy
Establishing Basis for Gambling Losses - The Tax Adviser
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Sep 11, 2018 ... Read how tax reform will impact businesses with lower tax rates and ... tax and higher individual alternative minimum tax exemptions for tax years ... Tax Reform for Individuals: Changes in Deducting Gambling Losses. Tax Cuts & Jobs Act - Meadows Urquhart Acree and Cook, LLP Nov 12, 2018 ... Although TCJA retains the “Alternative Minimum Tax” (AMT) for individual .... and 3) “Allowable gambling losses” provide a tax benefit only if ... Gambling Losses & Winnings - San Diego CPA: Business Tax ...