> --- In vpFREE@yahoogroups.
> > "Tax Help for Gamblers" will be going back to the printers soon. I
> would appreciate any input about changes/updates that need to be
> made. And I always appreciate input about typos, spelling and
> grammatical errors, etc. in any of my writing, including in my blog.
tralfamidorgooglycr
> I don't have the book, but one thing that should definitely be in it,
> or its future editions, is an explanation of the "alternative minimum
> tax deathtrap"; being forced to itemize in order to offset gambling
> wins (and thereby losing your standard deduction); and how to file
> Schedule C to avoid those two pitfalls.
The existing text has a strong discussion of this topic.
FWIW, Sched C filing is likely a weak alternative by which to avoid
the penalty in long form filing to report gambling activity that's
inherent for those who otherwise would file short form (most often,
non-home owners and those in states w/o income tax).
Also, for the active player with high reported w-2G income, a more
likely problem than AMT complication is the deduction phase out that
occurs as a consequence of the artificial AGI inflation involved.
These, and other related tax concerns, are addressed and the existing
edition is a worthwhile investment for someone such as yourself who
obviously has these issues on their mind.
- Harry
Earn your degree in as few as 2 years - Advance your career with an AS, BS, MS degree - College-Finder.net.
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