On Feb 2, 4:23*pm, tomch...[at]gwi.net wrote:
- quote -

Make a note of it!!! Additional consequences are that one might lose
the ability to claim their parent as an exemption (even if the
parent's social security is minimal) because the win (actually loss)
shows up as income to the parent. Veterans who might other wise
qualify for medical benefits, at no cost, lose that benefit (even
though there was actually a loss) 'cause the taxpayer must list the
winnings as income. As you mention, Social Security income may become
taxable (even though the gambling has produced a loss). Those who
cannot itemized deductions also must eat the tax created by winnings
which cannot be deduction (even though the winnings may have developed
into a loss).

SAD!!!!

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

<tomchand[at]gwi.net> wrote:

- quote -

You mean in addition to someone who takes your advice? No.

Maybe she'll listen now.

--
Phil Marti
Clarksburg, MD

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

Retiree loves the slots. Plays all day long, wins some, loses some.
Comes out even if she's lucky. I've told her for years to stay out of
the casinos, she tells me to mind my own business.

This year she has about 15,000 of gambling winnings and about 20,000
of gambling loses. Winnings on line 21, losses to the extent of gains
on schedule A.

Wait a minute - owes $1000 when last year had a refund of $500!

What's going on here?

Ah - the increase in provisional income made an extra $10,000 in her
social security taxable even though she didn't have a dime in
additional "income"!

Am I missing something here?

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >