Re: [vpFREE] Re: Medicare and W-2Gs +Filing as a Professional

 

Recently posted: <<You do have to show a profit in 3 out of 5 years [to file as a professional gambler]>>

That is not exactly correct. Here is what Marissa explains in the book TAX HELP FOR GAMBLERS: Some people misunderstand the "three-of-five" rule for Schedule C, making a profit three years out of five. One tax expert explained it this way: "A gambler who makes a profit in three (or more) of five tax years is entitled to a presumption, which the IRS can overcome, that he is in business; a gambler who doesn't has to overcome the contrary presumption."

By the way, there is a new updated edition of this book coming out around mid-January, only available as an eBook this time. It has much new information – updates and changes – with details about the most recent court cases that impact gamblers. Many changes in the section about state taxes too. I'll let you know when it is available for download.

------------------------------------------
Jean $¢ott, Frugal Gambler
http://queenofcomps.com/
You can read my blog at
http://jscott.lvablog.com/

From: mailto:vpFREE@yahoogroups.com
Sent: Wednesday, December 31, 2014 1:07 AM
To: vpFREE@yahoogroups.com
Subject: Re: [vpFREE] Re: Medicare and W-2Gs

Once you are retired from your primary job you should have no problem filing Schedule C as a professional gambler (your part time job) This eliminates the issue as all W2G's and netted out with losses on Schedule C before it is carried over as Gross Income on form 1040. . You do have to show a profit in 3 out of 5 years, treated like a real business and pay SE Tax but you get a lot of deductions in return you can take including trial, meals, mileage, home office, and even take the M&E per diem while on the road.

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Posted by: "Queen of Comps" <queenofcomps@cox.net>
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[vpFREE] Re: Medicare and W-2Gs

 

Do you use a CPA or have you been doing the Schedule C yourself?

Sandy

Sandy, I've been doing my own for many years using H&R Blocks software. It's not that hard once you get the hang of it. If you're gonna want to be able to get bank loans and such based on being a professional gambler though it's best to get a CPA to do your taxes so that banks will accept your 1040 form as proof of income.



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Posted by: vpbp2002@yahoo.com
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[vpFREE] Re: Medicare and W-2Gs

 

Hey, did any of you Medicare people think about giving up gambling at 65?

Being 65 does not define the situation. It is retiring from full employment. As long as you are working and have your medical insurance covered where you work, you have no Medicare premiums (at least that is how it is for me).

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Posted by: bornloser1537@yahoo.com
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Re: [vpFREE] Re: Medicare and W-2Gs

 

Do you use a CPA or have you been doing the Schedule C yourself?

Sandy


In a message dated 12/31/2014 4:07:27 A.M. Eastern Standard Time,
vpFREE@yahoogroups.com writes:

Once you are retired from your primary job you should have no problem
filing Schedule C as a professional gambler (your part time job) This
eliminates the issue as all W2G's and netted out with losses on Schedule C before it
is carried over as Gross Income on form 1040. . You do have to show a
profit in 3 out of 5 years, treated like a real business and pay SE Tax but you
get a lot of deductions in return you can take including trial, meals,
mileage, home office, and even take the M&E per diem while on the road.

[Non-text portions of this message have been removed]

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Posted by: SAbramo102@aol.com
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Re: [vpFREE] Re: Medicare and W-2Gs

 

Yes, The witholding driven by a high MAGI that increases Medicare B & D premiums that results in reduced SS payments. Jim 

On Wednesday, December 31, 2014 4:07 AM, "vpbp2002@yahoo.com [vpFREE]" <vpFREE@yahoogroups.com> wrote:


  Once you are retired from your primary job you should have no problem filing Schedule C as a professional gambler (your part time job) This eliminates the issue as all W2G's and netted out with losses on Schedule C before it is carried over as Gross Income on form 1040. . 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Posted by: Jim Engstrom <jimengstrom1@yahoo.com>
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Re: [vpFREE] Re: Medicare and W-2Gs

 

Once you are retired from your primary job you should have no problem filing Schedule C as a professional gambler (your part time job) This eliminates the issue as all W2G's and netted out with losses on Schedule C before it is carried over as Gross Income on form 1040. . You do have to show a profit in 3 out of 5 years, treated like a real business and pay SE Tax but you get a lot of deductions in return you can take including trial, meals, mileage, home office, and even take the M&E per diem while on the road.

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Posted by: vpbp2002@yahoo.com
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