Just went on social security. There were years in past I had close to 100K in signers. I could offset gambling on return then. I am wondering how the term "above line deductions" work, relative to gambling. Gambling loss is entered later on down return. (below the line) Jean Scott has a book on taxes, I will look for that book. My accountant explained how it works. For my piece of mind, I need to understand better.
Agressive players on or near social security should be aware SS check can be lowered when earned income, rent, dividends, interst, sale of property etc. is over a certan amount. That's the way I understand it.
I spent eight months in hospital in 2012. Upon getting loose I signed up. Not wanting to lose checks because of poor health, I signed for social security fast. At least I'll get some checks. I never researched the tax issue. Now I find out it's a complicated thing. Wrong move can cost $$. Bright side, I have way less W2Gs in 2012 (almost none). I'm getting stronger every day. I play vp on extra point days. Vp is rehab for me. I tell doctor that. He doesn't seem to understand.
Happy new year to all.....Jeep
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