Confusing REG Question - CPA Exam Review | Another71.com CPA Exam Review › CPA Exam Forum › REG › REG Review › Confusing REG Question This topic contains 15 replies, has 10 voices, and was last updated by jordancole 2 years, 3 months ago. Viewing 16 posts - 1 through 16 (of 16 total) Author Posts May 24, 2014 at 7:12 pm #185801 kpmartin42Member Hey guys, Maybe someone can shed some light on this for me. Changes to Itemized Deductions for 2013 - bresslercompany.com Documented gambling losses are deductible to the extent of gambling winnings. Home (and second home) mortgage interest is deductible up to the acquisition debt and equity debt limits. Overall itemized deduction limitation applies in 2013 and later years for higher-income filers.
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Understanding AMT's Impact on Charitable Giving Much attention has been focused lately on the alternative minimum tax (AMT). This parallel tax system was created in 1969 to ensure that wealthy taxpayers (defined at that time as those with income over $200,000) didn't use loopholes to escape paying taxes. Tax Deduction for Gambling or Wagering Losses - Lawyers.com If these expenses, in addition to your gambling losses, don't exceed your standard deduction, you won't be able to itemize. This means you'll get no deduction for your gambling losses. As a result, you'll have to pay income tax on all your gambling winnings, with no deduction at all for your losses. A true tax disaster. Alternative Minimum Tax - revenue.state.mn.us tax, but no deduction for gambling losses is allowed in determining the Minnesota AMT. Proposed Law: For purposes of the Minnesota AMT, the proposal would allow a deduction for gambling losses equal to the deduction allowed federally. REVENUE ANALYSIS DETAIL • The House Income Tax Simulation (HITS) Model was used to estimate the impact of the
Tax Help: Gambling Winnings and Losses: What You Need to ...
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Is it possible that the passive activity losses will be the same amount? 9. What itemized deductions are allowed for both regular income tax purposes and for AMT purposes? 10. What effect do deductible gambling losses for regular income tax purposes have in calculating AMTI? 11. Why is there no AMT adjustment for charitable contributions? 12. Changes to tax code starting Jan. 1, 2018 - JD Lasica Clarifies that “gambling losses” includes any deduction otherwise allowable in carrying on any wagering transaction. Personal Casualty & Theft Losses – Casualty and theft losses are allowed to the extent each loss exceeds $100 and the sum of all losses for the year exceeds 10% of the taxpayer’s AGI. Tax Help: Attorney’s Fees: When They Are or Are Not ... For 2017, the deduction is a miscellaneous itemized deduction subject to the 2%-of-AGI floor; only the amount exceeding the 2% floor is deductible as an itemized deduction. However, if you are subject to alternative minimum tax (AMT), you will lose the benefit of the deduction because miscellaneous deductions are not allowed at all for AMT purposes. What to Know About Gambling Income and Taxes Where to Report Gambling Income. Persons who are not professional gamblers report any gambling income as other income on Form 1040, Line 21.. Gambling Expenses. The expense of bets, wagers, lottery tickets, and similar gambling losses are deducted as a miscellaneous itemized deduction on Schedule A.However, "Losses from wagering transactions shall be allowed only to the extent of the gains ...
Itemized deductions allowed for AMT purposes include. Casualty losses. Gambling losses. Charitable contributions.Itemized deductions not allowed for AMT. Taxes and miscellaneous itemized deductions subject to the 2 AGI limit.
May 1, 2018 ... The phaseouts of the exemption begin at 25 percent of excess AMT income over $1 .... Gambling losses. The expenses of gamblers are included as part of their losses for 2018-2025, for purposes of denying a deduction when ... Tax Cut Suspends Many Deductions For Individuals - Forbes Jan 19, 2018 ... Many upper-income and middle-income individuals fall into the AMT zone, so they ... SALT is still allowed as a deduction from net investment income for ... The Act added professional gambling expenses to gambling losses in ... Martin Beachy & Arehart PLLC: A professional tax and accounting firm ... Dec 22, 2017 ... Gambling Loss Limitation Modified ... 31, 2017, no charitable deduction is allowed for any payment to an institution ... Alternative Minimum Tax (AMT) ... below), a qualified employee can elect to defer, for income tax purposes, ... Tax deductions to consider - Fidelity - Fidelity Investments
Tax Cut Suspends Many Deductions For Individuals - Forbes Jan 19, 2018 · Investment expenses suspended. Investment expenses are still allowed as a deduction from net investment income for calculating the 3.8% Obamacare net investment tax. Retirement plans, including IRAs, are also entitled to deduct investment expenses, although it may be difficult to arrange with the custodian. The AMT Trap - Journal of Accountancy FUTURE AMT ISSUES. CPAs will have to face a number of other AMT issues in planning for their clients. Tax bracket and exemption creep. One of the reasons the AMT has become an issue for more taxpayers is that tax rates and exemptions for the RIT are indexed for inflation, but the AMT exemption is not.