Are gambling losses deductible for amt

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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 ...

Are gambling losses deductible? - YouTube 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 ... The Republican Tax Plan: Analysis – Gambling Losses ... Do you like to gamble? The rule for 2017 is that gambling losses are deductible as itemized deductions up to gambling winnings, which is like hobby losses. Proof Is Needed to Deduct Gambling Losses - bza.me

And gambling losses aren't deductible in the AMT. To me, it scared me ****less, it meant that if i grossed 150k, lost 100k, my AMT would be 150k*.26, which is insane on an actual income of 50k. THIS IS ABSOLUTELY INCORRECT You can indeed deduct gambling losses under BOTH AMT AND REGULAR INCOME TAX.

Let's Talk About the Newly Passed Tax Act for Individuals | HW… Gambling losses deduction: Under the new rule, gambling losses along with related gambling expenses are now deductible to the extent of gambling gains.

Gambling losses are deductible to the extent of winnings on your federal return, but only if you itemize deductions and only to the extent you report gambling income, said Karl Graf, a certified financial planner and certified public accountant with Modera Wealth Management in Westwood.

Mary Ann Phillips CPA PA : Itemized Deductions -- 2018 For example, scout leaders can deduct the cost of uniforms (and cleaning) that are worn when performing donated services, but that are not suitable for everyday wear. Tax Cuts and Jobs Act of 2017 | John G. Ullman & Associates For taxpayers subject to the AMT, the exemption amount has increased temporarily between 2018 and 2026. The AMT is a parallel tax system to ensure payers taking significant reductions in taxable income through deductions and credits …

How the New Tax Law Affects Gambling Deductions - TheStreet

The Tax Court held that a taxpayer engaged in the trade or business of gambling could not deduct wagering losses in excess of his wagering gains but could deduct ordinary, nonwagering business expenses incurred while pursuing his gambling business. Section 165 (d) limits losses from wagering... What Is the Difference Between Deductible and... |… A deductible expense is one you can subtract from your taxable gross income. Deductible expenses reduce your tax liability.Provided that you have any income for the year, you can deduct such expenses from your taxable income base. Note that even the simplest provisions in the tax code carry... Itemized vs Standard Deduction - Difference and Comparison |…

What Is the AMT? Your Burning Tax Question Gets Answered

Can i deduct gambling losses in 2018 - Accountants Community Can i deduct gambling losses in 2018. I thought Public law 117-97 did away with Gambling losses for 2018, Pro Series Tax planner still allows this deduction. Did i read the law wrong or is Pro Series not up to date The Taxation of Gamblers Final Draft - theiaga.org standard deduction. For taxpayers with high levels of gambling income and losses, it is possible to accrue additional tax liability under the alternative minimum tax (AMT) without being afforded the benefit of deducting gambling losses for the purpose of the AMT calculation. Tax Help: Gambling Winnings and Losses: What You Need to ...