IAG Posted December 20, 2018 Report Share Posted December 20, 2018 Nice! Too bad the IRS doesn't allow you to write off your gambling losses as a capital loss. At least in my case.Well they do to the extent of your winnings...not sure that you can carryover the $3000 like on regular capital losses though...pretty sure you can’t. Quote Link to comment Share on other sites More sharing options...
Bigrunner Posted December 20, 2018 Report Share Posted December 20, 2018 Well they do to the extent of your winnings...not sure that you can carryover the $3000 like on regular capital losses though...pretty sure you can’t.Yes only if you itemized. Standard deduction is now 12,000, 18,000, 24,000. Single, Hoh, MFJ respectively. In most cases IRS considers gambling as a hobby, not an investment or business. You can now do your taxes on a post card. Lol Quote Link to comment Share on other sites More sharing options...
mikeman Posted December 20, 2018 Report Share Posted December 20, 2018 Yes only if you itemized. Standard deduction is now 12,000, 18,000, 24,000. Single, Hoh, MFJ respectively. In most cases IRS considers gambling as a hobby, not an investment or business. You can now do your taxes on a post card. LolNot quite a post card, but considering only 10-15% of people will still itemize, for the rest there is no excuse for bitching about "how hard it is to do your taxes". Quote Link to comment Share on other sites More sharing options...
Bigrunner Posted December 20, 2018 Report Share Posted December 20, 2018 Not quite a post card, but considering only 10-15% of people will still itemize, for the rest there is no excuse for bitching about "how hard it is to do your taxes".Really? What about small business owners. Sch C income, sch E income? The OBID? Section 199A? Quote Link to comment Share on other sites More sharing options...
IAG Posted December 20, 2018 Report Share Posted December 20, 2018 Or crypto or day traders? Itemizing deductions is the easy part. Quote Link to comment Share on other sites More sharing options...
mikeman Posted December 20, 2018 Report Share Posted December 20, 2018 Really? What about small business owners. Sch C income, sch E income? The OBID? Section 199A?What about them, is it harder than it was...nope? Nothing is perfect, but this 1 yr old tax law is making it easier for most. Rates went down across the board, std deduction. doubled, and some tax breaks are gone to compensate for the first two facts. Quote Link to comment Share on other sites More sharing options...
mikeman Posted December 20, 2018 Report Share Posted December 20, 2018 Or crypto or day traders? Itemizing deductions is the easy part.Day traders will still download all their info using tax software just like they did before, nothing harder about that. Quote Link to comment Share on other sites More sharing options...
Bigrunner Posted December 20, 2018 Report Share Posted December 20, 2018 What about them, is it harder than it was...nope? Nothing is perfect, but this 1 yr old tax law is making it easier for most. Rates went down across the board, std deduction. doubled, and some tax breaks are gone to compensate for the first two facts.If you own a specific service industry business do you get to take the OBI deduction? Is so explain please? Quote Link to comment Share on other sites More sharing options...
joeybagadonuts Posted December 20, 2018 Report Share Posted December 20, 2018 Hahahahaha Merlin is probably frantically googling looking for the answer Quote Link to comment Share on other sites More sharing options...
IAG Posted December 20, 2018 Report Share Posted December 20, 2018 Day traders will still download all their info using tax software just like they did before, nothing harder about that.I didn’t say harder, but not easier...and lol if you don’t think it’s a nightmare for serious traders. Quote Link to comment Share on other sites More sharing options...
bookbraker Posted December 21, 2018 Report Share Posted December 21, 2018 Bought up some more ups when it went below 100. That wasn't the bottom. Fuk. Quote Link to comment Share on other sites More sharing options...
mikeman Posted December 21, 2018 Report Share Posted December 21, 2018 I didn’t say harder, but not easier...and lol if you don’t think it’s a nightmare for serious traders.I dont make a ton of trades, maybe 20 last year, without the auto download it would be a total pain I agree, with that it's easy peasy. What are you guys whining about anyway, buying and selling, keeping track of capital gains(long and short term), offsettinng losses, capital loss carryforwards, etc, is all part of investing. Small timers likely use tax software, serious traders will pay an accountant, it is what it is. Quote Link to comment Share on other sites More sharing options...
FISHHEAD Posted December 21, 2018 Report Share Posted December 21, 2018 Well they do to the extent of your winnings...not sure that you can carryover the $3000 like on regular capital losses though...pretty sure you can’t. You can't, but just make it up Quote Link to comment Share on other sites More sharing options...
Bigrunner Posted December 21, 2018 Report Share Posted December 21, 2018 You can't, but just make it upTax evader alert! Just like his boy! Is traitor a little harsh? Quote Link to comment Share on other sites More sharing options...
RealSlimShady Posted December 21, 2018 Report Share Posted December 21, 2018 I didn’t say harder, but not easier...and lol if you don’t think it’s a nightmare for serious traders. Got to have an accountant do the paperwork if you do too many trades. I do maybe 2500 trades a year Quote Link to comment Share on other sites More sharing options...
Bigrunner Posted December 21, 2018 Report Share Posted December 21, 2018 How's Trump's record breaking stock market doing today. Actually under Obama the market increased 175%. Under Trump the market has increased a whopping 10%. This White House is off its rails and bringing down America. Not winning! Quote Link to comment Share on other sites More sharing options...
sugardaddy Posted December 21, 2018 Report Share Posted December 21, 2018 Brock, would you say it's what...end of first quarter for this prediction, second quarter? half time? Just want to be clear so we know what the timeline is. Thanks in advance. Quote Link to comment Share on other sites More sharing options...
IAG Posted December 21, 2018 Report Share Posted December 21, 2018 Got to have an accountant do the paperwork if you do too many trades. I do maybe 2500 trades a year I dk how many my brother does but I’m guessing way more than that. He is a CPA and was VP of Tax for a big corp though, so he does his own...but I know it takes him a lot of time. When I was complaining about the new crypto deal clarifying everything being a taxable event, I’m not sure he felt that sorry for me as has always been that was for traders. Quote Link to comment Share on other sites More sharing options...
Brock Landers Posted December 21, 2018 Author Report Share Posted December 21, 2018 What a month Trump single handedly destroyed the markets this month with his bullshit Quote Link to comment Share on other sites More sharing options...
Big Bully Posted December 21, 2018 Report Share Posted December 21, 2018 Do Uber drivers make enough to invest in the market? Quote Link to comment Share on other sites More sharing options...
ronald Posted December 21, 2018 Report Share Posted December 21, 2018 Do Uber drivers make enough to invest in the market? Brock can't afford to post up 1k in a easy contest against DORMIR. That should tell you all you need to know about Brock's investment portfolio. Quote Link to comment Share on other sites More sharing options...
Brock Landers Posted December 21, 2018 Author Report Share Posted December 21, 2018 https://www.cnbc.com/2018/12/21/us-stocks-set-for-lower-week-after-fed-decision-government-shutdown-fears.html Quote Link to comment Share on other sites More sharing options...
Bigrunner Posted December 21, 2018 Report Share Posted December 21, 2018 White House off its rails, Stock Markets plunging, National Security Chief quits as part of his massive protest, Traitor in the WH makes an illegal appointment to AG slot, Traitor in the White House part of the cover-up team of the murder of an American resident reporter, Traitor in the White House closing in on 10,000 lies in 2 years, and lastly Traitor in the White House on the verge of shutting down the Government 3 days prior to Christmas. Quote Link to comment Share on other sites More sharing options...
Big Bully Posted December 21, 2018 Report Share Posted December 21, 2018 Lol Government not closing downA few parks will close Lol Quote Link to comment Share on other sites More sharing options...
Bigrunner Posted December 21, 2018 Report Share Posted December 21, 2018 Lol Government not closing downA few parks will close LolDoogie, I didn't know this. I heard around 25% of the Government will close. Hundreds of thousands employees won't get their paychecks. And hundreds of thousands employees won't be working. Must have been fake news. Thanks for the clarification! Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.