Are gambling losses allowed for amt purposes

She has $12,000 of losses from Activity A, $18,000 of losses from Activity B, and income of $10,000 from Activity C. She also has $2,100 of tax credits from Activity A. Calculate her deductions and credits allowed and the suspended losses and credits. If an amount is zero, enter “0”. a. Ida’s deductions (her utilized loss) total $. b. August 2018 – Milliken, Perkins & Brunelle Losses and tax deductions. You can write off gambling losses as a miscellaneous itemized deduction. While miscellaneous deductions subject to the 2% of adjusted gross income floor are not allowed for 2018 through 2025 under the TCJA, the deduction for gambling losses isn’t subject to that floor. So gambling losses are still deductible.

Gambling losses are reported on 1040 Schedule A line 28, and are not subject to reduction on schedule A line 30. Even if they were subject to reduction, they are not subject to reduction for AMT purposes. If you have no other deductions, it's very unlikely that you have to worry about AMT. Confusing REG Question - CPA Exam Review | Another71.com Other Itemized deduction allowed in calculating AMTI ( that is no adjustment needs to be made to Regular Income) are 1 ) Charitable contribution 2) Misc Itemized deductions that are NOT subject to 2% floor such as Gambling losses ; Estate Tax related to income in respect of decedent; Amortization of Bond Premium.and a few more. STATE INCOME TAX DEDUCTION FOR GAMBLING LOSSES

I addicted in gambling and lost $150,000 in total. The ...

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. How to deduct your gambling losses - MarketWatch How to deduct your gambling losses By Bill Bischoff. Published: Apr 14, 2015 ... the allowable gambling loss deduction for a person who is not a professional gambler is claimed on Line 28 of ... gambling losses can deduct my losses - TurboTax® Support It is the last category listed. Once entered, you will be asked about gambling losses. Some states either don't allow a deduction for gambling losses or don't allow itemized deductions. The result in those states is that for state tax purposes, you are taxed on gambling gains without any offset for losses. Those states include: Connecticut ... personal income tax | WizardHomeworkSolutions.com

True- adjusted gain or loss can trigger AMT because of difference in depreciation allowed (conceptual question only) If a gambling loss itemized deduction is permitted for regular income tax purposes, there will be no AMT adjustment associated with the gambling loss.

Itemized deductions allowed for AMT purposes include: • Casualty losses • Gambling losses ... Depreciation up to the date of the sale for regular income tax purposes was $210,000; it was $190,000 for AMT purposes. What, if any, ... Which of the following is not an itemized deduction ... Which of the following is not an itemized deduction allowed for AMT purposes? State income taxes Casualty losses Gambling losses Medical expenses in excess of 10 percent of AGI All of the above Submitted: 12 years ago. Gambling Losses & Winnings - fitz-cpa.com

The alternative minimum tax (AMT) is frequently a misunderstood tax that represents opportunities for effective tax planning.Taxpayers begin the AMT computation with their taxable income as determined for regular tax purposes. Taxpayers must then “adjust” various deductions and loss...

The next largest increase was for AMT liability decreased by 1.0 percent. This is the taxable Social Security benefi ts, which increased by fi rst year since 2001 that the number of returns did 15.7 percent to $144.4 billion. Federal Income Tax Free Outline | Life Insurance | Employee… Federal Income Tax Free Outline - Download as Word Doc (.doc), PDF File (.pdf), Text File (.txt) or read online.

Adjusted gain or loss Passive activity losses Net operating loss (NOL) Itemized deductions allowed for AMT purposes include: Casualty losses Gambling losses Charitable contributions Medical expenses in excess of 10% of AGI Qualified interest

For the Record : Newsletter from WTAS : December 2010... The alternative minimum tax (AMT) is frequently a misunderstood tax that represents opportunities for effective tax planning.Taxpayers begin the AMT computation with their taxable income as determined for regular tax purposes. Taxpayers must then “adjust” various deductions and loss...

Tax Help: Gambling Winnings and Losses: What You Need to