Sentences with phrase «gambling losses»

NOW You can deduct gambling losses but only up to the amount of any gambling income during any given year.

Since you'd have to intentionally put up your personal property while at the tables, no, renters insurance does not cover gambling losses of property.

Since you'd have to intentionally put up your personal property while at the tables, no, renters insurance does not cover gambling losses of property.

Find out more about reporting gambling losses on your tax return.

That list does not include gambling losses of property.

If you suffered gambling losses, you can deduct up to the amount of gambling income you reported.

For what it's worth, renters insurance doesn't cover gambling losses of your company's money, either.

For what it's worth, renters insurance doesn't cover gambling losses of your company's money, either.

That list does not include gambling losses of property.

There are a number of other tax deductions and credits that don't fit neatly into any of the above categories, such as for gambling losses, investment expenses, foreign taxes, tax preparation fees, and more.

Lottery withholding taxes are quite substantial, and from my understanding of the federal tax regulations, gambling winnings can be offset by gambling losses up to the amount won.

Coincidentally — or not so much so — a debt collector comes around the office looking to force Jack to pay back $ 95,000 in gambling losses for transactions he never made.

You can deduct gambling losses only up to the extent of gambling winnings, and the losses can never exceed the winnings.

The law does allow players to take gambling losses off their taxes, but only up to the amounts of their winnings.

Ohio rejoins the list of other «bad» gambling states that do not permit gambling losses as an itemized deduction at all for income tax purposes:

For example, in Florida, if you waste marital assets through gambling losses or because you committed adultery and spent money on your paramour, and if there is not enough marital property to compensate your spouse for the money you dissipated from the marital estate, a judge might award your spouse a portion of your separate property instead.

@StrongBad Why do you assume OP's roommate is enough of a high roller to have $ 100k in gambling losses?

Does Las Vegas Renters Insurance cover gambling losses?

While renters insurance can, at your option, cover the property of other people which is in your home in certain circumstances — like the stolen laptop of a guest — gambling losses of other peoples» money is not what that coverage is designed for.

Itemized deductions that are not limited include medical and dental expenses, investment interest expenses, casualty and theft losses and gambling losses.

Interviewees said prisoners often became indebted to other inmates due to drug habits, gambling losses or just because they had very little money.

Vegas plays such a key role in the story, and the scene where ad man Albert Brooks tries to convince the casino owner (Garry Marshall) that it would be good for PR to give him back his wife's gambling losses is just priceless.

Gambling losses: If you gamble for a living, you may be able to write off your losses as a business expense.

You can offset the tax bite by claiming your gambling losses, but that isnâ $ ™ t as easy as it sounds.

Such receipts also come in handy if you itemize tax deductions and can deduct your gambling losses.

For example, if you have gambling losses, you can deduct those up to the extent of your gambling winnings.

The amount of gambling losses you can deduct can never exceed the winnings you report as income.

If you claim the standard deduction, then you can't reduce your tax by your gambling losses.

Gambling losses are indeed tax deductible, but only to the extent of your winnings.

Miscellaneous deductions: These include tax preparation fees, job - search expenses, gambling losses, unreimbursed job expenses (think uniforms and subscriptions to professional journals), and more.

You are eligible to itemize deductions if your gambling losses plus all other itemized expenses are greater than the standard deduction for your filing status.

To report your gambling losses, you must be eligible to itemize your income tax deductions on Schedule A.

Luckily, if you itemize deductions on Schedule A, you can take a deduction for your gambling losses, but it can never be more than your gambling winnings.

What if those gambling losses are someone else's money?

Even though it doesn't cover gambling losses, there are a ton of other things that are covered.

If Fred Smith had lost that last five grand instead of turning it into new funding for FedEx, he wouldn't have had coverage for his gambling losses, either.

If your gambling losses involve money belonging to other people, you may have a larger concern than the lack of coverage on your renters insurance for that loss.

(Does that mean you can deduct gambling losses?

Gambling losses are no longer deductible as an itemized deduction for purposes of the Ohio income tax, effective immediately.

However, gambling losses may be claimed as deductions, up to the amount of your winnings.