In 2008 I received one w2g for a $2000 royal flush. However, I came
home minus $400 for the trip. This was my only gambling trip of the
year. My question is this: If I do not itemize, is there any way to
not claim the $2000 as income?
Thanks for your help.
No. Sorry.
--- In vpFREE@yahoogroups.com, "lizurdlips" <lizurdlips@...> wrote:
In 2008 I received one w2g for a $2000 royal flush. However, I came
home minus $400 for the trip. This was my only gambling trip of the
year. My question is this: If I do not itemize, is there any way to
not claim the $2000 as income?Thanks for your help.
No
________________________________
From: lizurdlips <lizurdlips@yahoo.com>
To: vpFREE@yahoogroups.com
Sent: Saturday, January 3, 2009 6:47:02 PM
Subject: [vpFREE] another W2G question...
In 2008 I received one w2g for a $2000 royal flush. However, I came
home minus $400 for the trip. This was my only gambling trip of the
year. My question is this: If I do not itemize, is there any way to
not claim the $2000 as income?
Thanks for your help.
[Non-text portions of this message have been removed]
That is what I thought.
This totally sucks, since I was never ahead during the trip, and the
$2000 win did not bring me in to positive territory. So basically, I
am paying the government tax for nothing. This is a good example of
how unfair the US tax system is. I think I will forget about paying
the tax, and let them send me a bill (if they have enough smarts to
catch it, I doubt it). F-em!
--- In vpFREE@yahoogroups.com, Joseph Annechino <floridagambler@...>
wrote:
No
________________________________
From: lizurdlips <lizurdlips@...>
To: vpFREE@yahoogroups.com
Sent: Saturday, January 3, 2009 6:47:02 PM
Subject: [vpFREE] another W2G question...In 2008 I received one w2g for a $2000 royal flush. However, I came
home minus $400 for the trip. This was my only gambling trip of the
year. My question is this: If I do not itemize, is there any way to
not claim the $2000 as income?Thanks for your help.
[Non-text portions of this message have been removed]
They will catch it. The W2-G is in their computer system. You will get a surprisingly nice letter stating that the IRS believes you did not report an income item and will give a chart showing how that increases your income and the amount of additional tax you owe.
--- On Sun, 1/4/09, lizurdlips <lizurdlips@yahoo.com> wrote:
From: lizurdlips <lizurdlips@yahoo.com>
Subject: [vpFREE] Re: another W2G question...
To: vpFREE@yahoogroups.com
Date: Sunday, January 4, 2009, 1:21 PM
That is what I thought.
This totally sucks, since I was never ahead during the trip, and the
$2000 win did not bring me in to positive territory. So basically, I
am paying the government tax for nothing. This is a good example of
how unfair the US tax system is. I think I will forget about paying
the tax, and let them send me a bill (if they have enough smarts to
catch it, I doubt it). F-em!
--- In vpFREE@yahoogroups. com, Joseph Annechino <floridagambler@ ...>
wrote:
No
____________ _________ _________ __
From: lizurdlips <lizurdlips@ ...>
To: vpFREE@yahoogroups. com
Sent: Saturday, January 3, 2009 6:47:02 PM
Subject: [vpFREE] another W2G question...In 2008 I received one w2g for a $2000 royal flush. However, I came
home minus $400 for the trip. This was my only gambling trip of the
year. My question is this: If I do not itemize, is there any way to
not claim the $2000 as income?Thanks for your help.
[Non-text portions of this message have been removed]
[Non-text portions of this message have been removed]
If you fail to report a W-2G the computer will spit out a bill pretty much
all the time.
Cogno
-----Original Message-----
From: vpFREE@yahoogroups.com [mailto:vpF…@…com] On Behalf
Of lizurdlips
Sent: Sunday, January 4, 2009 10:22 AM
To: vpFREE@yahoogroups.com
Subject: [vpFREE] Re: another W2G question…That is what I thought.
This totally sucks, since I was never ahead during the trip, and the
$2000 win did not bring me in to positive territory. So basically, I
am paying the government tax for nothing. This is a good example of
how unfair the US tax system is. I think I will forget about paying
the tax, and let them send me a bill (if they have enough smarts to
catch it, I doubt it). F-em!--- In vpFREE@yahoogroups.com, Joseph Annechino <floridagambler@...>
wrote:
>
> No
>
>
>
>
> ________________________________
> From: lizurdlips <lizurdlips@...>
> To: vpFREE@yahoogroups.com
> Sent: Saturday, January 3, 2009 6:47:02 PM
> Subject: [vpFREE] another W2G question...
>
>
> In 2008 I received one w2g for a $2000 royal flush. However, I came
> home minus $400 for the trip. This was my only gambling trip of the
> year. My question is this: If I do not itemize, is there any way to
> not claim the $2000 as income?
>
> Thanks for your help.
>
>
>
>
>
>
> [Non-text portions of this message have been removed]
>------------------------------------
vpFREE Links: http://members.cox.net/vpfree/Links.htm
Yahoo! Groups Links
They do not catch you all the time. Years ago I won $800 in a video
poker tourney and was given a w2g. I forgot about including it with my
taxes, and never heard anything from the irs. This was over 10 years ago!
If you fail to report a W-2G the computer will spit out a bill
pretty much
--- In vpFREE@yahoogroups.com, "Cogno Scienti" <cognoscienti@...> wrote:
all the time.
Cogno
> -----Original Message-----
> From: vpFREE@yahoogroups.com [mailto:vpF…@…com] On Behalf
> Of lizurdlips
> Sent: Sunday, January 4, 2009 10:22 AM
> To: vpFREE@yahoogroups.com
> Subject: [vpFREE] Re: another W2G question…
>
> That is what I thought.
>
> This totally sucks, since I was never ahead during the trip, and the
> $2000 win did not bring me in to positive territory. So basically, I
> am paying the government tax for nothing. This is a good example of
> how unfair the US tax system is. I think I will forget about paying
> the tax, and let them send me a bill (if they have enough smarts to
> catch it, I doubt it). F-em!
>
> — In vpFREE@yahoogroups.com, Joseph Annechino <floridagambler@>
> wrote:
> >
> > No
> >
> >
> >
> >
> > ________________________________
> > From: lizurdlips <lizurdlips@>
> > To: vpFREE@yahoogroups.com
> > Sent: Saturday, January 3, 2009 6:47:02 PM
> > Subject: [vpFREE] another W2G question…
> >
> >
> > In 2008 I received one w2g for a $2000 royal flush. However, I came
> > home minus $400 for the trip. This was my only gambling trip of the
> > year. My question is this: If I do not itemize, is there any way to
> > not claim the $2000 as income?
> >
> > Thanks for your help.
> >
> >
> >
> >
> >
> >
> > [Non-text portions of this message have been removed]
> >
>
>
>
> ------------------------------------
>
> vpFREE Links: http://members.cox.net/vpfree/Links.htm
>
> Yahoo! Groups Links
>
>
>
You can deduct your gambling losses up to the amount of winnings reported on your W-2G, assuming you have those losses.
If you fail to report a W-2G the computer will spit out a bill pretty muchall the time.Cogno> -----Original Message-----> From: vpFREE@yahoogroups.com [mailto:vpF…@…com] On Behalf> Of lizurdlips> Sent: Sunday, January 4, 2009 10:22 AM> To: vpFREE@yahoogroups.com> Subject: [vpFREE] Re: another W2G question…> > That is what I thought.> > This totally sucks, since I was never ahead during the trip, and the> $2000 win did not bring me in to positive territory. So basically, I> am paying the government tax for nothing. This is a good example of> how unfair the US tax system is. I think I will forget about paying> the tax, and let them send me a bill (if they have enough smarts to> catch it, I doubt it). F-em!> > — In vpFREE@yahoogroups.com, Joseph Annechino <floridagambler@…>> wrote:> >> > No> >> >> >> >> > ________________________________> > From: lizurdlips <lizurdlips@…>> > To: vpFREE@yahoogroups.com> > Sent: Saturday, January 3, 2009 6:47:02 PM> > Subject: [vpFREE] another W2G question…> >> >> > In 2008 I received one w2g for a $2000 royal flush. However, I came> > home minus $400 for the trip. This was my only gambling trip of the> > year. My question is this: If I do not itemize, is there any way to> > not claim the $2000 as income?> >> > Thanks for your help.> >> >> >> >> >> >> > [Non-text portions of this message have been removed]> >> > > > ------------------------------------> > vpFREE Links: http://members.cox.net/vpfree/Links.htm> > Yahoo! Groups Links> > >
To: vpFREE@yahoogroups.comFrom: cognoscienti@gmail.comDate: Sun, 4 Jan 2009 11:42:01 -0800Subject: RE: [vpFREE] Re: another W2G question...
_________________________________________________________________
Send e-mail anywhere. No map, no compass.
http://windowslive.com/oneline/hotmail?ocid=TXT_TAGLM_WL_hotmail_acq_anywhere_122008
[Non-text portions of this message have been removed]
But ONLY if you itemize.
The original question specifically stated that they do not itemize
their deductions..."My question is this: If I do not itemize, is there
any way to not claim the $2000 as income?"
Given this criteria, the answer is no, as lizurdlips said is his/her
answer.
Welcome to the wonderful and wacky world of USA tax law!!
Don the Dentist
--- In vpFREE@yahoogroups.com, David Silvus <djsilvus@...> wrote:
You can deduct your gambling losses up to the amount of winnings
reported on your W-2G, assuming you have those losses.
Ahhh. It's been so long since I DIDN'T itemize, I forgot about that. Assuming you've got $2K in W-2G income you can offset with losses, simple math may dictate itemizing for 2008.
--- In vpFREE@yahoogroups.com, David Silvus <djsilvus@...> wrote:>> > You can deduct your gambling losses up to the amount of winnings > reported on your W-2G, assuming you have those losses.But ONLY if you itemize.The original question specifically stated that they do not itemize their deductions..."My question is this: If I do not itemize, is there any way to not claim the $2000 as income?"Given this criteria, the answer is no, as lizurdlips said is his/her answer.Welcome to the wonderful and wacky world of USA tax law!!Don the Dentist
To: vpFREE@yahoogroups.comFrom: dds6@cox.netDate: Sun, 4 Jan 2009 20:38:06 +0000Subject: [vpFREE] Re: another W2G question...
_________________________________________________________________
It’s the same Hotmail®. If by “same” you mean up to 70% faster.
http://windowslive.com/online/hotmail?ocid=TXT_TAGLM_WL_hotmail_acq_broad1_122008
[Non-text portions of this message have been removed]
The standard married deduction is a higher deduction for me and my
wife. Our home is paid for and we do not itemize. We were never
foolish enough to purchase a home with high enough interest to deduct.
Ahhh. It's been so long since I DIDN'T itemize, I forgot about
that. Assuming you've got $2K in W-2G income you can offset with
losses, simple math may dictate itemizing for 2008.
To: vpFREE@...: dds6@...: Sun, 4 Jan 2009 20:38:06 +0000Subject:
[vpFREE] Re: another W2G question...
--- In vpFREE@yahoogroups.com, David Silvus <djsilvus@> wrote:>> >
You can deduct your gambling losses up to the amount of winnings >
reported on your W-2G, assuming you have those losses.But ONLY if you
itemize.The original question specifically stated that they do not
itemize their deductions..."My question is this: If I do not itemize,
is there any way to not claim the $2000 as income?"Given this
criteria, the answer is no, as lizurdlips said is his/her
answer.Welcome to the wonderful and wacky world of USA tax law!!Don
the Dentist
_________________________________________________________________
It's the same Hotmail®. If by "same" you mean up to 70% faster.
http://windowslive.com/online/hotmail?ocid=TXT_TAGLM_WL_hotmail_acq_broad1_122008
--- In vpFREE@yahoogroups.com, David Silvus <djsilvus@...> wrote:
[Non-text portions of this message have been removed]
They do not catch you all the time. Years ago I won $800 in a video
poker tourney and was given a w2g. I forgot about including it with
my taxes, and never heard anything from the irs. This was over 10
years ago!
And "over 10 years ago!" the IRS system was not even remotely as
effectively computerized as they have become since the turn of the new
century. But, good luck with that!
Neil M.
--- In vpFREE@yahoogroups.com, "lizurdlips" <lizurdlips@...> wrote:
If you fail to include a W-2G in your gross income, there is a very good chance that the IRS will catch it. They are very good at matching W-2's and 1099's to Form 1040's.
________________________________
From: lizurdlips <lizurdlips@yahoo.com>
To: vpFREE@yahoogroups.com
Sent: Sunday, January 4, 2009 1:21:49 PM
Subject: [vpFREE] Re: another W2G question...
That is what I thought.
This totally sucks, since I was never ahead during the trip, and the
$2000 win did not bring me in to positive territory. So basically, I
am paying the government tax for nothing. This is a good example of
how unfair the US tax system is. I think I will forget about paying
the tax, and let them send me a bill (if they have enough smarts to
catch it, I doubt it). F-em!
--- In vpFREE@yahoogroups. com, Joseph Annechino <floridagambler@ ...>
wrote:
No
____________ _________ _________ __
From: lizurdlips <lizurdlips@ ...>
To: vpFREE@yahoogroups. com
Sent: Saturday, January 3, 2009 6:47:02 PM
Subject: [vpFREE] another W2G question...In 2008 I received one w2g for a $2000 royal flush. However, I came
home minus $400 for the trip. This was my only gambling trip of the
year. My question is this: If I do not itemize, is there any way to
not claim the $2000 as income?Thanks for your help.
[Non-text portions of this message have been removed]
[Non-text portions of this message have been removed]
Not if you don't itemize deductions.
________________________________
From: David Silvus <djsilvus@hotmail.com>
To: vpfree@yahoogroups.com
Sent: Sunday, January 4, 2009 3:23:01 PM
Subject: RE: [vpFREE] Re: another W2G question...
You can deduct your gambling losses up to the amount of winnings reported on your W-2G, assuming you have those losses.
To: vpFREE@yahoogroups. comFrom: cognoscienti@ gmail.comDate: Sun, 4 Jan 2009 11:42:01 -0800Subject: RE: [vpFREE] Re: another W2G question...
If you fail to report a W-2G the computer will spit out a bill pretty muchall the time.Cogno> -----Original Message----- > From: vpFREE@yahoogroups. com [mailto:vpFREE@yahoogroups. com] On Behalf> Of lizurdlips> Sent: Sunday, January 4, 2009 10:22 AM> To: vpFREE@yahoogroups. com> Subject: [vpFREE] Re: another W2G question...> > That is what I thought.> > This totally sucks, since I was never ahead during the trip, and the> $2000 win did not bring me in to positive territory. So basically, I> am paying the government tax for nothing. This is a good example of> how unfair the US tax system is. I think I will forget about paying> the tax, and let them send me a bill (if they have enough smarts to> catch it, I doubt it). F-em!> > --- In vpFREE@yahoogroups. com, Joseph Annechino <floridagambler@ ...>> wrote:> >> > No> >> >> >> >> > ____________ _________ _________ __> > From: lizurdlips <lizurdlips@ ...>> > To: vpFREE@yahoogroups. com> > Sent: Saturday,
January 3, 2009 6:47:02 PM> > Subject: [vpFREE] another W2G question...> >> >> > In 2008 I received one w2g for a $2000 royal flush. However, I came> > home minus $400 for the trip. This was my only gambling trip of the> > year. My question is this: If I do not itemize, is there any way to> > not claim the $2000 as income?> >> > Thanks for your help.> >> >> >> >> >> >> > [Non-text portions of this message have been removed]> >> > > > ------------ --------- --------- ------> > vpFREE Links: http://members. cox.net/vpfree/ Links.htm> > Yahoo! Groups Links> > >
____________ _________ _________ _________ _________ _________ _
Send e-mail anywhere. No map, no compass.
http://windowslive. com/oneline/ hotmail?ocid= TXT_TAGLM_ WL_hotmail_ acq_anywhere_ 122008
[Non-text portions of this message have been removed]
[Non-text portions of this message have been removed]
At the risk of drifting too far off topic, stroking a reasonable note for a home is not "foolish", largely because you can deduct the interest on your taxes. < 6% money, that's tax-deductible, is pretty cheap money.
I firmly believe that anyone who has the wherewithall to gamble enough each year to have it matter on their taxes should be itemizing, barring an extremely odd one-time aberration.
The personal exemption for 2007 per person was $5350, or $10,700 for a married couple. $2K in reported gambling income that can be offset by itemizing losses takes you down to $8700.00 needed to make itemization the smart move. If you own your home, you're paying property taxes on it -- in most cases that's going to be at least $1000, and likely far more (depending on your state, county, city). Back that off that $8700, and you're likely under $7000.00 Subtract your state income tax from that total -- again, quite likely measured in the thousands -- and you're likely under $6000.00. Now back-out your sales tax for the year from that total -- depending on your state, that could range from a couple hundred to several thousand. Then deduct any charitable contributions you make and medical expenses you have.
It doesn't take much in the way of mortgage interest each month to tip you over that $10,500.00 level once you figure those other numbers. Consider that $500/month in mortgage interest is $6000/year, and you can get there in a hurry. Run the numbers on a $125K mortgage @ a very low interest rate and you'll see that it doesn't take much of a note to get you over that hump.
I won't get into the simple economics why paying cash for a home when you can get a straight mortgage at 5.15% (which you can deduct) is the "foolish" move. All you have to with your money is beat 5.15%, and if you can invest it in a tax-defered instrument, you just have to beat 5.15% reduced by your highest marginal rate.
The standard married deduction is a higher deduction for me and mywife. Our home is paid for and we do not itemize. We were neverfoolish enough to purchase a home with high enough interest to deduct.--- In vpFREE@yahoogroups.com, David Silvus <djsilvus@...> wrote:>> > Ahhh. It's been so long since I DIDN'T itemize, I forgot aboutthat. Assuming you've got $2K in W-2G income you can offset withlosses, simple math may dictate itemizing for 2008.> > To: vpFREE@...: dds6@...: Sun, 4 Jan 2009 20:38:06 +0000Subject:[vpFREE] Re: another W2G question...> > > > --- In vpFREE@yahoogroups.com, David Silvus <djsilvus@> wrote:>> >You can deduct your gambling losses up to the amount of winnings >reported on your W-2G, assuming you have those losses.But ONLY if youitemize.The original question specifically stated that they do notitemize their deductions..."My question is this: If I do not itemize,is there any way to not claim the $2000 as income?"Given thiscriteria, the answer is no, as lizurdlips said is his/heranswer.Welcome to the wonderful and wacky world of USA tax law!!Donthe Dentist > > > > > > __________________________________________________________> It's the same Hotmail®. If by "same" you mean up to 70% faster.>http://windowslive.com/online/hotmail?ocid=TXT_TAGLM_WL_hotmail_acq_broad1_122008> > [Non-text portions of this message have been removed]>
To: vpFREE@yahoogroups.comFrom: lizurdlips@yahoo.comDate: Sun, 4 Jan 2009 21:11:38 +0000Subject: [vpFREE] Re: another W2G question...
_________________________________________________________________
It’s the same Hotmail®. If by “same” you mean up to 70% faster.
http://windowslive.com/online/hotmail?ocid=TXT_TAGLM_WL_hotmail_acq_broad1_122008
[Non-text portions of this message have been removed]
Hey, look man! I do not need a lecture from you on itemizing. I know
all the facts on itemizing taxes. I have been on this planet many,
many years.
My question was not on itemizing, it was about how to not claim a
$2000 jackpot when in fact I did not win $2000. I came home minus
$400. One trip to Vegas, that was all my gambling for the year!
And just a note: I live in Florida. We have no state income tax to
deduct, and property tax is low. I made no charitable contributions,
and we have no medical expenses to deduct. So, if you do the math
correctly, it is better for us to take the standard deduction!
At the risk of drifting too far off topic, stroking a reasonable
note for a home is not "foolish", largely because you can deduct the
interest on your taxes. < 6% money, that's tax-deductible, is pretty
cheap money.
I firmly believe that anyone who has the wherewithall to gamble
enough each year to have it matter on their taxes should be itemizing,
barring an extremely odd one-time aberration.
The personal exemption for 2007 per person was $5350, or $10,700 for
a married couple. $2K in reported gambling income that can be offset
by itemizing losses takes you down to $8700.00 needed to make
itemization the smart move. If you own your home, you're paying
property taxes on it -- in most cases that's going to be at least
$1000, and likely far more (depending on your state, county, city).
Back that off that $8700, and you're likely under $7000.00 Subtract
your state income tax from that total -- again, quite likely measured
in the thousands -- and you're likely under $6000.00. Now back-out
your sales tax for the year from that total -- depending on your
state, that could range from a couple hundred to several thousand.
Then deduct any charitable contributions you make and medical expenses
you have.
It doesn't take much in the way of mortgage interest each month to
tip you over that $10,500.00 level once you figure those other
numbers. Consider that $500/month in mortgage interest is $6000/year,
and you can get there in a hurry. Run the numbers on a $125K mortgage
@ a very low interest rate and you'll see that it doesn't take much of
a note to get you over that hump.
I won't get into the simple economics why paying cash for a home
when you can get a straight mortgage at 5.15% (which you can deduct)
is the "foolish" move. All you have to with your money is beat 5.15%,
and if you can invest it in a tax-defered instrument, you just have to
beat 5.15% reduced by your highest marginal rate.
To: vpFREE@...: lizurdlips@...: Sun, 4 Jan 2009 21:11:38
+0000Subject: [vpFREE] Re: another W2G question...
The standard married deduction is a higher deduction for me and
mywife. Our home is paid for and we do not itemize. We were
neverfoolish enough to purchase a home with high enough interest to
deduct.--- In vpFREE@yahoogroups.com, David Silvus <djsilvus@>
wrote:>> > Ahhh. It's been so long since I DIDN'T itemize, I forgot
aboutthat. Assuming you've got $2K in W-2G income you can offset
withlosses, simple math may dictate itemizing for 2008.> > To:
vpFREE@: dds6@: Sun, 4 Jan 2009 20:38:06 +0000Subject:[vpFREE] Re:
another W2G question...> > > > --- In vpFREE@yahoogroups.com, David
Silvus <djsilvus@> wrote:>> >You can deduct your gambling losses up to
the amount of winnings >reported on your W-2G, assuming you have those
losses.But ONLY if youitemize.The original question specifically
stated that they do notitemize their deductions..."My question is
this: If I do not itemize,is there any way to not claim the $2000 as
income?"Given thiscriteria, the answer is no, as lizurdlips said is
his/heranswer.Welcome to the wonderful and wacky world of USA tax
law!!Donthe Dentist > > > > > >
__________________________________________________________> It's the
same Hotmail®. If by "same" you mean up to 70%
faster.>http://windowslive.com/online/hotmail?ocid=TXT_TAGLM_WL_hotmail_acq_broad1_122008>
[Non-text portions of this message have been removed]>
_________________________________________________________________
It's the same Hotmail®. If by "same" you mean up to 70% faster.
http://windowslive.com/online/hotmail?ocid=TXT_TAGLM_WL_hotmail_acq_broad1_122008
--- In vpFREE@yahoogroups.com, David Silvus <djsilvus@...> wrote:
[Non-text portions of this message have been removed]
David Silvus wrote:
At the risk of drifting too far off topic, stroking a reasonable note for a home is not "foolish", largely because you can deduct the interest on your taxes. < 6% money, that's tax-deductible, is pretty cheap money.
I firmly believe that anyone who has the wherewithall to gamble enough each year to have it matter on their taxes should be itemizing, barring an extremely odd one-time aberration.
The personal exemption for 2007 per person was $5350, or $10,700 for a married couple. $2K in reported gambling income that can be offset by itemizing losses takes you down to $8700.00 needed to make itemization the smart move. If you own your home, you're paying property taxes on it -- in most cases that's going to be at least $1000, and likely far more (depending on your state, county, city). Back that off that $8700, and you're likely under $7000.00 Subtract your state income tax from that total -- again, quite likely measured in the thousands -- and you're likely under $6000.00. Now back-out your sales tax for the year from that total -- depending on your state, that could range from a couple hundred to several thousa
Sales taxes have been virtually eliminated as a deduction for years.
I didn't intend it to be interpreted as directed to you personally. I apologize that it came across that way.
My point was simply that virtually everyone who honestly has the money to gamble enough to snag W-2Gs will likely benefit from itemizing. Most of us pay state income taxes (and those who don't generally have pretty stout sales taxes) and property taxes (unless renting). Those 3 alone (W-2Gs, state income/sales tax, property tax) make it worth exploring itemization even if you aren't paying on a mortgage. I can't fathom how it could possibly be better not to itemize if you have any type of a mortgage payment. A 30 year note for a principal amount of $125,000 @ 5.5% is more than $8000 in interest on the front-end of the amortization schedule.
For those who are extremely serious about their VP (and I am not one), paying a tad more in taxes than you should on your winnings can destroy your margin.
As for showing a W-2G that you didn't get, obviously that's another animal entirely. I would take it up with the casino sooner rather than later. You can hope the IRS misses it, but the risk/reward of that route seems bad.
Hey, look man! I do not need a lecture from you on itemizing. I knowall the facts on itemizing taxes. I have been on this planet many,many years.My question was not on itemizing, it was about how to not claim a$2000 jackpot when in fact I did not win $2000. I came home minus$400. One trip to Vegas, that was all my gambling for the year!And just a note: I live in Florida. We have no state income tax todeduct, and property tax is low. I made no charitable contributions,and we have no medical expenses to deduct. So, if you do the mathcorrectly, it is better for us to take the standard deduction!--- In vpFREE@yahoogroups.com, David Silvus <djsilvus@...> wrote:>> > At the risk of drifting too far off topic, stroking a reasonablenote for a home is not "foolish", largely because you can deduct theinterest on your taxes. < 6% money, that's tax-deductible, is prettycheap money. > > I firmly believe that anyone who has the wherewithall to gambleenough each year to have it matter on their taxes should be itemizing,barring an extremely odd one-time aberration.> > The personal exemption for 2007 per person was $5350, or $10,700 fora married couple. $2K in reported gambling income that can be offsetby itemizing losses takes you down to $8700.00 needed to makeitemization the smart move. If you own your home, you're payingproperty taxes on it -- in most cases that's going to be at least$1000, and likely far more (depending on your state, county, city). Back that off that $8700, and you're likely under $7000.00 Subtractyour state income tax from that total -- again, quite likely measuredin the thousands -- and you're likely under $6000.00. Now back-outyour sales tax for the year from that total -- depending on yourstate, that could range from a couple hundred to several thousand. Then deduct any charitable contributions you make and medical expensesyou have.> > It doesn't take much in the way of mortgage interest each month totip you over that $10,500.00 level once you figure those othernumbers. Consider that $500/month in mortgage interest is $6000/year,and you can get there in a hurry. Run the numbers on a $125K mortgage@ a very low interest rate and you'll see that it doesn't take much ofa note to get you over that hump.> > I won't get into the simple economics why paying cash for a homewhen you can get a straight mortgage at 5.15% (which you can deduct)is the "foolish" move. All you have to with your money is beat 5.15%,and if you can invest it in a tax-defered instrument, you just have tobeat 5.15% reduced by your highest marginal rate.> > > > > To: vpFREE@...: lizurdlips@...: Sun, 4 Jan 2009 21:11:38+0000Subject: [vpFREE] Re: another W2G question...> > > > The standard married deduction is a higher deduction for me andmywife. Our home is paid for and we do not itemize. We wereneverfoolish enough to purchase a home with high enough interest todeduct.--- In vpFREE@yahoogroups.com, David Silvus <djsilvus@>wrote:>> > Ahhh. It's been so long since I DIDN'T itemize, I forgotaboutthat. Assuming you've got $2K in W-2G income you can offsetwithlosses, simple math may dictate itemizing for 2008.> > To:vpFREE@: dds6@: Sun, 4 Jan 2009 20:38:06 +0000Subject:[vpFREE] Re:another W2G question...> > > > --- In vpFREE@yahoogroups.com, DavidSilvus <djsilvus@> wrote:>> >You can deduct your gambling losses up tothe amount of winnings >reported on your W-2G, assuming you have thoselosses.But ONLY if youitemize.The original question specificallystated that they do notitemize their deductions..."My question isthis: If I do not itemize,is there any way to not claim the $2000 asincome?"Given thiscriteria, the answer is no, as lizurdlips said ishis/heranswer.Welcome to the wonderful and wacky world of USA taxlaw!!Donthe Dentist > > > > > >__________________________________________________________> It's thesame Hotmail®. If by "same" you mean up to 70%faster.>http://windowslive.com/online/hotmail?ocid=TXT_TAGLM_WL_hotmail_acq_broad1_122008>> [Non-text portions of this message have been removed]> > > > > > > __________________________________________________________> It's the same Hotmail®. If by "same" you mean up to 70% faster.>http://windowslive.com/online/hotmail?ocid=TXT_TAGLM_WL_hotmail_acq_broad1_122008> > [Non-text portions of this message have been removed]>
To: vpFREE@yahoogroups.comFrom: lizurdlips@yahoo.comDate: Mon, 5 Jan 2009 00:02:50 +0000Subject: [vpFREE] Re: another W2G question...
_________________________________________________________________
Life on your PC is safer, easier, and more enjoyable with Windows Vista®.
http://clk.atdmt.com/MRT/go/127032870/direct/01/
[Non-text portions of this message have been removed]
Don't know who's doing your taxes, but I was able to deduct over $2700 in 2007 with the standard deduction formula (I'm in a high sales-tax state and county though). My father-in-law (accounting background -- way more anal than I) deducted quite a bit more by itemizing all of his yearly spending.
David Silvus wrote:> At the risk of drifting too far off topic, stroking a reasonable note for a home is not "foolish", largely because you can deduct the interest on your taxes. < 6% money, that's tax-deductible, is pretty cheap money. > > I firmly believe that anyone who has the wherewithall to gamble enough each year to have it matter on their taxes should be itemizing, barring an extremely odd one-time aberration.> > The personal exemption for 2007 per person was $5350, or $10,700 for a married couple. $2K in reported gambling income that can be offset by itemizing losses takes you down to $8700.00 needed to make itemization the smart move. If you own your home, you're paying property taxes on it -- in most cases that's going to be at least $1000, and likely far more (depending on your state, county, city). Back that off that $8700, and you're likely under $7000.00 Subtract your state income tax from that total -- again, quite likely measured in the thousands -- and you're likely under $6000.00. Now back-out your sales tax for the year from that total -- depending on your state, that could range from a couple hundred to several thousaSales taxes have been virtually eliminated as a deduction for years.
To: vpFREE@yahoogroups.comFrom: mspevack@optonline.netDate: Sun, 4 Jan 2009 19:31:20 -0500Subject: Re: [vpFREE] Re: another W2G question...
_________________________________________________________________
Send e-mail anywhere. No map, no compass.
http://windowslive.com/oneline/hotmail?ocid=TXT_TAGLM_WL_hotmail_acq_anywhere_122008
[Non-text portions of this message have been removed]
For the preponderance of states that impose state and other local income taxes, those are virtually always at a higher rate than the sales taxes. For the handful of states without income taxes, taxpayers cannot not deduct both:
"According to the IRS introductory material to the online sales tax deduction calculator:
If you file a Form 1040 and itemize deductions on Schedule A, you
have the option of claiming either state and local income taxes or
state and local sales taxes, but you can't claim both. If you saved
your receipts throughout the year, you can add up the total amount
of sales taxes you actually paid and claim that amount. If you
didn't save all your receipts, you can still choose to claim state
and local sales taxes, using the calculator."--banknote.com
David Silvus wrote:
Don't know who's doing your taxes, but I was able to deduct over $2700 in 2007 with the standard deduction formula (I'm in a high sales-tax state and county though). My father-in-law (accounting background -- way more anal than I) deducted quite a bit more by itemizing all of his yearly spending.
To: vpFREE@yahoogroups.comFrom <mailto:vpFREE%40yahoogroups.comFrom>: mspevack@optonline.netDate <mailto:mspevack%40optonline.netDate>: Sun, 4 Jan 2009 19:31:20 -0500Subject: Re: [vpFREE] Re: another W2G question...
David Silvus wrote:> At the risk of drifting too far off topic, stroking a reasonable note for a home is not "foolish", largely because you can deduct the interest on your taxes. < 6% money, that's tax-deductible, is pretty cheap money. > > I firmly believe that anyone who has the wherewithall to gamble enough each year to have it matter on their taxes should be itemizing, barring an extremely odd one-time aberration.> > The personal exemption for 2007 per person was $5350, or $10,700 for a married couple. $2K in reported gambling income that can be offset by itemizing losses takes you down to $8700.00 needed to make itemization the smart move. If you own your home, you're paying property taxes on it -- in most cases that's going to be at least $1000, and likely far more (depending on your state, county, city). Back that off that $8700, and you're likely under $7000.00 Subtract your state income tax from that total -- again, quite likely measured in the thousands -- and you're likely under $6000.00. Now back-out your sales tax for the year from that total -- depending on your state, that could range from a couple hundred to several thousaSales taxes have been virtually eliminated as a deduction for years.