2013 US G.D. - Racecamp is finished! Nick McMillen (GumballCGT) is our champion!

Discussion in 'GT Academy' started by Wardez, Jun 26, 2013.

  1. OutlawQuadrnt


    United States
    Interesting. Easy for them to say things like that if they aren't signing as the paid preparer. :lol:

    Not saying it's not a legit tip but it's a bit of a stretch. For example, I could buy a 370Z right now and deduct it at year end, arguing it's a job-hunting expense. :sly:
    Wardez likes this.
  2. Wardez

    Wardez Staff Emeritus

    United States
    omg please do it, then come to my house.
  3. fastboysmith


    No wonder crocodile dundee(Paul Hogan) went to live in America, all those dodgy tax returns
  4. iamsupernasty


    United States
    And because when people try to rob him in NYC, they don't even use a real sized knife!
    carracerptp likes this.
  5. WyldAnimal


    If you Gamble in a Casino, you can keep track of all of your Losses.
    If you Win more than $1200 at one time, then you Have to file a 1099.
    But you can Deduct all of your losses to offset your Winnings, up to the total amount you won.

    So if you Lost 50k, and then had a 25K winning.
    you could deduct up to 25k of your losses to offset the winnings.

    So I would think, that Since GTA is a Contest,
    If you had Other Gambling Losses,
    you Could Use those to Offset your Winnings from GTA...
    And Pay a Lot Less taxes....

    Just Saying...
    I think all you guys are risk takers, so having 20K or More in Gambling losses wouldn't surprise me..
    All that is required is to have kept some form of Gambling Journal, where you Wrote Down and Tracked your Losses / Winnings.
    But your Big Winning will be reported to the IRS via the 1099, or W-2G

    The same goes for Lottery Tickets that Didn't win..
    How Many People do you Know that can give you Loser tickets?
    A couple Thousand $1.00 lottery tickets will offset a big chunk or Prize winnings.

    Talk to a TAX professional about how to Deduct your Gambling / Lottery Losses.

    And you Can always Modify a Previous Years Tax Return to Report your forgotten losses..

    I have all of my Family and friends keep their Lottery tickets for me..
    I get close to 20k of looser tickets in a year, just in case I need to offset some winnings.
    If I don't have any winnings, I donate them to a friend in need, or throw them away..

    Sometimes you have to think outside the Box to get around the IRS..
    and if you don't bring the subject up, most tax professionals won't offer it as a suggestion.
    Last edited: Jun 15, 2014
  6. gatordaryl


    United States
    Found this info online ...

    Unfortunately, it is very common that your refund will not change after your losses are entered. Why? Because the IRS does not permit you to simply subtract your losses from your winnings and report your net profit or loss. The IRS has very specific rules and limitations as to how the gambling losses are deducted.

    First, you may deduct gambling losses (that's why we ask you enter the amount) but it is only deductible to the extent of your winnings.

    Secondly, the deduction for your losses is only available if you are eligible to itemize your deductions (have mortgage interest, real estate taxes, medical, charitable deductions, etc.) If you claim the standard deduction, (because you don't have enough expenses to itemize) then you can't reduce your tax by your gambling losses and therefore will not see your refund change at all.
  7. WyldAnimal


    But that's the thing.. If you Have Losses, then you do have more then the standard deduction and you File Long form so you can itemize and take advantage of it.

    "You are eligible to itemize deductions if your gambling losses plus all other itemized expenses are greater than the standard deduction for your filing status."
    True, a college student or young worker won't normally have enough deductions, but if you just Won a $26,000 prize.
    Now you can look at all the Losses you incurred from Gambling, wagering, Lottery and so forth..
    Start collecting those lottery tickets.

    You can always go back and amend a return and change from short form to long form..

    And let me just say...

    If I walked up to you and Said I'll Pay you $7,000 to create your journal of wins and losses for the year.
    Or I'll pay you $7,000 for 7000 lottery stubs
    Would you sit down and spend a few hours making out the Journal for $7,000?
    Would you ask family and friends to collect and give you their losers tickets?

    It's the same kind of deal.. You Just won a Prize worth $26,000.
    It probably pushes you into the next higher Tax Bracket..
    You are either going to pay in $5,000 to $7,000 more in taxes,
    or take the time to find
    the deductions..
    and Pay yourself instead.

    And I had already posted that your Deduction, can't exceed your Winnings.

    "So if you Lost 50k, and then had a 25K winning.
    you could deduct up to 25k of your losses to offset the winnings."

    It really is as simple as reporting your Losses, reporting your Winnings...
    and Claiming the amount that your Winnings Exceeds your Losses.. That is what you Pay tax on..
    If your Losses are greater than your Winnings, your income from Winning is Zero... and you pay Tax on Zero.

    and I look at like this..
    If the BIG crooked Banks and CEO's can get Billion Dollar Bail outs (of Tax Payer money ) and walk away with Million dollar year end bonuses for screwing up...

    Then My Using Lottery tickets to Offset my Winnings to Keep my Cash and not pay the taxes, well that's my Bail out..
    I've got the tickets in hand.. That's my Proof that I can Deduct them from my winnings.
    I've got my Journal of Dates and Times and Amounts Lost, and won.. Much more Losses than Winnings...

    So you either Pay the Taxes, or Pay yourself...
    I'd rather Pay Myself!