Make the Most of Your Deductions – Indian Tax Consultant… If you are 65 or older, for AMT purposes, your medical deduction will be less because only the excess of unreimbursed expenses above 10% of your AGI is deductible. P:\Willis\Fall02\Articl~1\Indiv The student loan interest deductionsection of this article for an explanation of the stan- increased 17.0 percent for 2000, continuing double-dard deduction.) digit growth for the second consecutive year since itsStatistics for returns with …
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Broadly speaking, what are deductions for AGI?In particular, deductible for AGIThese expenses will be deductible for AGI. Are gambling losses subject to amt | Best games on-line ...nonprofessional gamblers, gambling losses are deductible to the extent of gambling gains, and are taken as miscellaneous itemized deductions.It is subject to the itemized deduction phaseout, and completely disallowed for AMT. It is at the same place in 1 year. I play the high limit slot machines. What Is the AMT? Your Burning Tax Question Gets Answered The AMT is a separate tax system which does not allow you to deduct personal exemptions, the standardThe personal exemption for taxpayers and their dependents is also not deductible under AMT.The AMT exemption is reduced if AMTI exceeds a certain threshold based on filing status. How Can I Avoid the AMT?
"Massachusetts allows you to deduct the cost of any winning ticket or chance from the winnings you received from it, reducing your taxable lottery and gambling income. Even if you buy other tickets during the year, you can only deduct the cost(s) of the winning ticket(s).
Alternative Minimum Tax (AMT) Strategies | Dance, Bigelow ... The Alternative Minimum Tax (AMT) ... is not deductible for AMT ... The first category includes such items as gambling losses to the extent of gambling winnings and ... The AMT Trap - Journal of Accountancy The AMT Trap Some Americans may ... adjusted basis of the property is not deductible. No ... Only gambling losses are allowed.
Gambling losses are exempt from the 2% AGI threshold that applies to some itemized deductions. Gambling losses are exempt from itemized deduction 3%-cutback. Gambling losses are not an adjustment (add-back) in calculating Alternative Minimum Tax (AMT). The AGI Problem. Gambling winnings increase Adjusted Gross Income (AGI) but gambling losses ...
I think the itemized deductions subject to the 2% reduction may disappear but gambling losses are still deductible . But with the higher standard deduction they will ...
Gambling losses. Definition. -deductible up to amount of winnings.-exclusion of an item that should not be excluded -ex: home mortgage interest deduction -included in calculating AMT.-deductible -sales tax aren't -4 states do not have income tax.
What’s new for 2018: Game-changing tax overhaul in place for ... Gambling loss limit modified. For tax years beginning after Dec. 31, 2017 and before Jan. 1, 2026, the limit on wagering losses under Code Sec. 165(d) is modified to provide that all deductions for expenses incurred in carrying out wagering transactions, and not just gambling losses, are limited to the extent of gambling winnings. (Code Sec ... Gambling losses deductible under AMT - Poker Legislation ... Finally, gambling losses can, in certain circumstances, trigger the dreaded Alternative Minimum Tax (AMT). 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. The AMT Trap - Journal of Accountancy THE ALTERNATIVE MINIMUM TAX (AMT) HAS BECOME an increasing concern for middle-income taxpayers. The AMT is not just a problem for wealthy taxpayers who engage in activities that result in tax preferences. Itemized deductions and personal exemptions are subjecting a growing number of taxpayers to the ... Deducting Gambling Losses | Moving.com
Deducting Gambling Losses | Nolo