Are gambling losses deductible for amt

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Deducting Gambling Losses | Nolo

Gambling losses cannot be greater than gambling wins for the tax year. Example: John wins $23,500 during the year playing slots and other casino games. His gambling losses are $37,900. John reports his $23,500 of wins on Schedule 1 and $23,500 as an itemized deduction on Schedule A. The additional losses are not deductible. Deducting Gambling Losses | Nolo Gambling Losses May Be Deducted Up to the Amount of Your Winnings. Fortunately, although you must list all your winnings on your tax return, you don't have to pay tax on the full amount. You are allowed to list your annual gambling losses as an itemized deduction on Schedule A of your tax return. Alternative Minimum Tax (AMT) Strategies | Dance, Bigelow ... The Alternative Minimum Tax (AMT) is a tax that was originally intended to ensure that wealthier taxpayers with large write-offs and tax-sheltered investments pay at least a minimum tax. To accomplish this, Congress created a second (alternative) tax computation that adds back to income certain tax preferences and eliminates some deductions. What’s in the Tax Bill, and How It Will Affect You - The ... What’s in the Tax Bill, and How It Will Affect You ... Alternative Minimum Tax. ... Gambling Losses. NOW You can deduct gambling losses but only up to the amount of any gambling income during ...

In one case, the U.S. Tax Court agreed with the IRS and completely disallowed $301,000 of claimed gambling losses for which a taxpayer had no convincing proof.

Items in both categories are completely disallowed under the alternative minimum tax (AMT) rules. So if you’re liable for AMT for the year, you can forget about any write-offs for miscellaneous itemized deduction items. West Virginia « Taxable Talk

Analysis of Federal Tax Law Revisions on the State of Alabama

Can You Claim Gambling Losses on Your Taxes? - TurboTax Gambling losses are indeed tax deductible, but only to the extent of your winnings. This requires you to report all the money you win as taxable income on your return. However, the deduction for your losses is only available if you itemize your deductions. Gambling Winnings and Losses: What You Need to Know - J.K. Lasser The deduction for gambling losses is taken as a miscellaneous itemized deduction. The 2%-of-adjusted-gross-income floor that applies to most miscellaneous itemized deductions does not apply to gambling losses. (Professional gamblers may treat losses as a deductible business expense.) Taxpayers who are subject to the alternative minimum tax (AMT ... Gambling Losses and the AMT - onefpa.org Are gambling losses deductible under AMT? A. For nonprofessional gamblers, gambling losses are deductible to the extent of gambling gains, and are taken as miscellaneous itemized deductions. Consequently, the losses are subject to the AMT adjustment (to the extent they were allowable in the first place) like other miscellaneous itemized deductions. Tax Cut Suspends Many Deductions For Individuals - Forbes

A quick video on how gambling losses are deducted on your tax return. Thanks to Nicholas Polati for helping create the content and animation. Nicholas ...

Losses - definition of losses by The Free Dictionary Define losses. losses synonyms, losses pronunciation, losses translation, English dictionary definition of losses. n. 1. The act or an instance of losing: nine losses during the football season. Individual Income tax Rates and Shares, 2005 For 2005, the tax on using the AMT foreign tax credit to reduce the C:Spring00ArticlesTax Rates