Hi all - Some Info I found.
I just searched above subject yahoo. GAMBLING LOSS DEDUCTIONS BROADENED ON NEW TAX LAW
Interesting to me. Just glanced at it. I would post a link, but i don’t know how to do that.
Lots of info to look at. I haven’t looked over all stuff listed. I will peruse info later this week. Lot of questions on our group. Just sharing one spot I found. As usual we try to determine if good info.
Cheers to all…Jeep
Perhaps you saw this article on accountingweb.com:
https://www.accountingweb.com/tax/individuals/gambling-loss-deductions-broadened-under-new-tax-law
On Thu, Apr 18, 2019 at 2:48 PM whiteje…@…com [vpFREE] <vpF…@…com> wrote:
Hi all - Some Info I found.
I just searched above subject yahoo. GAMBLING LOSS DEDUCTIONS BROADENED ON NEW TAX LAW
Interesting to me. Just glanced at it. I would post a link, but i don’t know how to do that.
The article says that starting in 2018
<<<gambling losses has been broadened to include other expenses incurred in gambling activities, such as travel>>>
This can’t mean parole who gamble for a hobby, can it? Otherwise it doesn’t make any sense because those filing as professional gamblers can already deduct travel as a business expense.
The article claims that “losses” deducted on Sch A can now include gambling expenses. I looked for an independent confirmation of that, but couldn’t find one. So I’m dubious, especially considering that the new tax law is MORE restrictive on the usefulness of expenses for those filing Sch C. Namely, it’s no longer possible to deduct the part of a yearly net loss that’s due to expenses from your other income.
The author of the article is described as a “free lance writer”. I don’t think he’s a CPA.
–Dunbar
—In vpF…@…com, <irdd@…> wrote :
here’s a link to your article…
This can’t mean parole who gamble for a hobby, can it? Otherwise it doesn’t make any sense because those filing as professional gamblers can already deduct travel as a business expense.
Another attack of the “automatic spell check genie” on our “smart” phones! LOL. Just how smart are our phones anyway?
… bl
Haha. Didn’t have my glasses on. I think I was trying to say “those” who gamble for a hobby.
On Apr 19, 2019, at 8:07 AM, bornloser1…@…com [vpFREE] <vpF…@…com> wrote:
This can’t mean parole who gamble for a hobby, can it? Otherwise it doesn’t make any sense because those filing as professional gamblers can already deduct travel as a business expense.
Another attack of the “automatic spell check genie” on our “smart” phones! LOL. Just how smart are our phones anyway?
Haha. Didn’t have my glasses on. I think I was trying to say “those” who gamble for a hobby.
I would have guessed “people” ( = parole) ???
As I said, who knows what our phones might be thinking?
… bl
This article should be completely ignored - full of outdated, incomplete, poor-explained, and downright incorrect information.
On April 19, 2019 at 11:06 AM “h_dun…@…com [vpFREE]” <vpF…@…com> wrote:
The article claims that “losses” deducted on Sch A can now include gambling expenses. I looked for an independent confirmation of that, but couldn’t find one. So I’m dubious, especially considering that the new tax law is MORE restrictive on the usefulness of expenses for those filing Sch C. Namely, it’s no longer possible to deduct the part of a yearly net loss that’s due to expenses from your other income.
The author of the article is described as a “free lance writer”. I don’t think he’s a CPA.
–Dunbar
—In vpF…@…com, <irdd@…> wrote :
here’s a link to your article…
lol, in retrospect I guess I was beating around the bush a bit. Jean put it much more succinctly!
–Dunbar
—In vpF…@…com, <queenofcomps@…> wrote :
This article should be completely ignored - full of outdated, incomplete, poor-explained, and downright incorrect information.
On April 19, 2019 at 11:06 AM “h_dunbar@… [vpFREE]” <vpF…@…com> wrote:
The article claims that “losses” deducted on Sch A can now include gambling expenses. I looked for an independent confirmation of that, but couldn’t find one. So I’m dubious, especially considering that the new tax law is MORE restrictive on the usefulness of expenses for those filing Sch C. Namely, it’s no longer possible to deduct the part of a yearly net loss that’s due to expenses from your other income.
The author of the article is described as a “free lance writer”. I don’t think he’s a CPA.
–Dunbar
—In vpF…@…com, <irdd@…> wrote :
here’s a link to your article…
It’s hard to know which “gambling experts”, if any, you should trust. Can you trust anyone who gambles? It seems like they’re all lowlifes or hustlers or druggies, or luck buckets like Dan Bilzerian. Would you let your daughter marry a gambler? Seriously? Anyway, for what it’s worth, in my opinion, if you buy one book, you need to buy Scott’s “Tax Help for Gamblers”, latest edition with updates by Russell Fox. I don’t get any kickbacks for saying that. But if you don’t buy and study this book hard, you’re going to lose at taxes. Actually, I’m surprised that Dancer doesn’t teach a class in gambling taxes at South Point. That should be the first class.