Vegasvpplayer wrote: "I see your point. Would the "bad things" be enough to wipe out a 6 figure expected annual income?"
I doubt that filing W2G's on the 1040 would "wipe out" a 6 figure non-gambling income, but it might shave 10 or 20% or more, as long as you're fine with that. Are you familiar with the AMT yet? Really, if you're gambling enough to generate W2G's or lucky enough to get hit with a 1099misc for a drawing you need a tax accountant who specializes in gambling reporting and you need to have these conversations with that accountant. The book "Tax Help for Gamblers" by Jean Scott's accountant would be a good start.
[Non-text portions of this message have been removed]
__._,_.___
Posted by: nightoftheiguana2000@yahoo.com
| Reply via web post | • | Reply to sender | • | Reply to group | • | Start a New Topic | • | Messages in this topic (14) |
.
__,_._,___
