 I want to donate my car to charity. In terms of tax deduction, does it matter which one? |
| Will I get a bigger deduciton by donating to one charity instead of another or are they all the same (in terms of taxes)?... |
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 Stimulus payments.....? |
| Just curious if there is anybody out there that was expecting their stimulus payment via direct deposit on May 2 nd and didn't get it? According to my social security I should get it deposited ... |
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 How can I stop paying so much in taxes? |
Is there a company out there that can help people like me who know there must be a better way. It is so hard toy get ahead.
Please help if you know something I do not!
Thanks!... |
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 Am I entitled to a refund? |
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 Im thinking of buying a computer, online, and i need to know how much it will cost with tax.? |
| OK need to know how much the computer will cost with tax. it says $498.00+tax and shipping. i know the shipping but how find the tax part. im in the state of california.... |
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| Im currently claiming benefit (uk) but ive been summoned to court over unpaid bills what will happen ? |
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 Is Walmart cashing insentive checks free? |
Do you have to put the $ on their money card?
Additional Details
Tom, My bank holds the check for 3 days. If Walmart will give me the cash, I can deposit it in the bank and have it the ... |
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 Is undocumented income taxed, like tips at restaurant ? |
I know a guy who is a waiter in a restaurant. He gets around $1000 as wage, by check. But he also makes $150- $200 per week extra as
tips given by customers. As these are undocumented income ... |
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 Paying taxes sucks......how can I not pay them? |
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 What are the tax filing requirements - life events? |
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 Can the IRS Keep your Stimulas Package? |
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| Income Tax? |
Just read the following on the Yahoo New pages"The government will from next April cut the basic rate of income tax from 22 pence down to 20 pence. The lowest basic rate for 75 years."
... |
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 In the uk is it fraud for a pensioner to work fulltime and claim state pension i dont mean a private pension? |
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 What is the best way to file my taxes this year? |
| I got married in the latter part of the year in 2007. My husband is paying on arrears for child support, and there for he says that his Tax refund will be intercepted. Well I have a child and I want ... |
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alfie | The IRS does not tax gambling winnings? True or false? |
Let me elaborate. It's true that gambling winnings are reported by casinos to the IRS. If you do not report these winnings, the IRS will come after you for them if the amount is at all significant.
But ... you can claim gambling losses to offset your winnings.
Say you win 20,000 playing poker. You put the 20,000 on your return as gambling income. On a separate line in the return you claim 20,000 in gambling losses. The IRS will not question your losses up to the amount of your winnings. True or false? That's what I heard anyway. Can someone confirm? |
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curtisports2
 |
False. You might get away without documentation, but if you're audited, you will have to prove losses. |
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shanla
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You need proof, tangible proof, that you lost that much money. If you don't have the paper records to back up your losses then I wouldn't try it. |
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Rich Z
 |
No. They spot check often enough to scare away anyone who doesn't really have those losses documented. You can get a letter from the Casino saying what you won and lost there. You can also save a lot of losing lottery tickets in case they ask.
If they do ask and you have no proof they will assess fines and interest. Even worse they tag your file as having had a fraudulent return. They then can go back for years through your old returns and ask you to prove claimed info for which you no longer have any proof. They can also put you on a list of known offenders who are more likely to be audited |
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Judy1
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Your basic statement, that the IRS does not tax gambling winnings, is false. It is taxable income.
As to "and the IRS won't question your losses", very false. If you itemize, then gambling losses can be deducted as an itemized deduction up to the amount of the winnings - that part is true. But there are very specific record-keeping requirements in order to be allowed to deduct them. You have to have detailed records, kept as you go, of ALL of your gambling activity for the year, and all of your gains and losses - when and where, who was with you, type of gambling -- without that kind of records, you can't deduct any losses. And if you claimed an amount that large in gambling losses, expect an IRS agent wanting to review those records of yours, or the losses would be disallowed. See IRS Publication 529 for detailed info on requirements to deduct losses, even your legitimate ones. |
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bostonianinmo
 |
False. Gambling winnings are fully taxable.
You may take an itemized deduction for gambling losses IF you itemize deductions. The deduction is limited to your gambling winnings. If you lose more than you win, you cannot deduct the excess losses. Expect the IRS to challenge this and ask for documentation -- gambling loss deductions are an almost automatic audit flag if you're dealing with more than pocket change. You need to keep any receipts from your gambling action, as well as a detailed diary of ALL gambling sessions. This needs to include time, date, casino name & address, table or slot machine number, name of game, amount wagered, amount won and amount lost. |
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jamesthomascox
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If you are a professional gambler, you can take all the losses on a Schedule C.
If you are not, you can take all of your losses on a Schedule A, up to the amount of your winnings. So, you might be able to write off most of the winnings. But, the Schedule A deductions are subject to limitations (such as AMT). In addition if your losses are small, you might not enough deductions to exceed your standard deduction. |
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MukatA
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You must include all your gambling winnings in income on Form 1040, line 21. And, only if you itemize your deductions on Schedule A (Form 1040), you can deduct gambling losses you had during the year, but only up to the amount of your winnings.
So if you don't have any other itemized deductions and your gambling losses are equal to the winnings, you still lose $5,350 (single) and $10,700 (married filing jointly). And then IRS may ask you for your records. |
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Gary
 |
It is true but gambling losses are reported on Schedule A when you itemize as miscellaneous losses. These losses are not subject to the 2% Adjusted Gross Income Limitation. If you can not itemize your deductions, then you can not claim losses, and you report your winnings on Line 21 on the 1040. Also, you must keep accurate records regarding your losses. |
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stephenweinstein
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False. You are required to have documentation of the amount of your losses. You are not allowed to falsely claim losses equal to your winning, and if we are talking about $20,000, you might be looking at criminal charges, rather than just an audit.
Congress taxes income. The IRS only collects the taxes that Congress imposes. In that sense, technically, the IRS does not tax anything. But I do not think that was what you meant. |
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