Gambling
- By - CrapPlasma48
I just filed a Form 211 with the IRS in regards to Robbi Lew Jade gifting Garret Adelstein $135k and not filing a Form 709 (gift tax) with her return
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- By - 90sJoke
live 2/5 hand
- By - Tolve
We are planning on keeping our fulltime jobs for the first several months while doing our startup. We plan on working our startup in the evenings and on the weekends, initially. Planning on getting a loan of 50k. Will the banks frown on us continuing to work fulltime while we get going?
- By - spicyface
Educational assistance programs, sec 127.
132(d) is intended to keep people in their jobs when the job or field changes and the employee is less effective or in danger of replacement as a result.
First question:
I'm not saying "no" as a blanket statement, just to be prepared to answer and respond to any claims against your use of it.
And, this business is established, entering its 5th calendar year
While an option, based on the facts and circumstances presented by OP, it doesn't seem he fits the bill here. Strictly online slots and sports betting. He would have to outline each slot played and explain how he had an advantage. Same with the sports bets made.
My counter-argument:
The Coleman case allowed the taxpayer to deduct gambling losses without proper substantiation (somewhat applying the Cohan rule). They basically proved that even though he had zero records, he was in a much worse financial position as a result of his play and it was near impossible for him to have a profitable year based on casino reports, discussions with managers, and his bank accounts.
I’ll concede
I expect a loss when selling the item, and will sell it asap. I’d like to argue that the value is what I sell it for since I never actually paid the msrp. On the other hand, I don’t want to trigger some kind of audit.
Ok, his advice is completely wrong. The income is the FMV of the item. If you sell the item immediately, then that’s the fair market value, no matter what the prize MSRP is
Pre-
Ha. Because I don’t understand how you’re making money.
You think Robbie is over the 12.06 million lifetime gift tax exemption?
Has nothing to do with the gift tax exemption. He's saying she didn't report winning the money in the first place. But the reality is that she owes income tax on the money that she then gave to Garrett.
Op literally says form 709, gift tax return.
So you're not 3 betting TT against an UTG raise. That is very tight my man
9 handed? Against a solid opponent? God no.
I only play 6 handed games so 3 betting with TT against UTG is more acceptable. I agree it gets thin in a 9 handed game.
Well OK. You might be a better player than me. 😂
How is your business income taxed? Sch C? S-corp?
Pre… fold 😂.
As a cis white guy who doesn’t fully understand the terminology for trans people etc etc etc, here’s how I conceptualize this.
Pre,
QSEHRA
Well, here’s what I would do back in my PA days. Open a spread sheet
Well, that’s exactly what we do for people.
[удалено]
Well, we also have a problem that I don’t know how to solve…
Doesn’t exist, really.
Since your business is not currently making a profit or cash-flow positive, the bank isn’t going to care about the status of your business.
An amended return is pretty easy to file through TurboTax.
Well, going forward, you’ve got to factor that in.
At this point, it’s not about the money, is it? It’s about what you would rather be doing for those 5 years.
You need the following information.
It’s luck.
So most likely answers , even though it's a small sample size , are I am a 20 dollar an hour player or a break even player on a serious heater?
Look, I’m talking out of my ass here.
Raise.
This is what’s so fun about those live streams. People see that and they want to play like that. It’s good for the game though.
You arnt deducting anything.