Discussion:April 3rd Gems
From TaxAlmanac
Discussion Forum Index --> Tax Questions --> April 3rd Gems
Death&Taxes (talk|edits) said: | 4 April 2007 |
| $181,000 in W-2G forms, supplemented by a statement from the gambling den showing his net losses for the year were 78,000+. In other words he spent at least 259,000 in that place. And he is 87 or 88 years old and plays in a symphony orchestra of note. | |
| 4 April 2007 | |
| a) Does he have any other losses to offset the w-2gs?
b) Is he senile or just spending the kids inheritance? | |
Michaelstar (talk|edits) said: | 4 April 2007 |
| Sure hope they are comping him something beside his meals............ | |
Death&Taxes (talk|edits) said: | 4 April 2007 |
| They did 1099 him for some type of comp. In essence he pays tax on 2% of his gambling since his AGI without the gambling his AGI is over 150,500. His one son peed away his wife's stock portfolio in the late 90s with his investment advice and his other lives off her now [she lives in Florida]. | |
| 4 April 2007 | |
| DT- I had a client that lost over 1.2 mill gambling - took her 2 yrs to lose that money - it was sickening to watch - needless to say I do not do returns for them anymore ! No need to file | |
| 4 April 2007 | |
| I'm watching a relative blow $1.5mil. So far, they're not doing it by gambling. However, the rest of us have a pot going to guess the date they go broke. | |
| 4 April 2007 | |
| They want to have a horse boarding business, but their business plan is 'flawed'. They already blew $100K on personal vehicles. They've got a decorator from Ethan Allan coming out. They've got a builder to do a barn expansion and indoor riding arena, but they don't have the acreage to support the number of horses. I hope they take out a good liability policy, bc this looks like a disaster waiting to happen. At least they'll have some hard assets in real estate. | |
Wkstaxprep (talk|edits) said: | 4 April 2007 |
| don't forget, if they have horses and sell them, there are cap gain/loss reporting requirements :) | |
| 4 April 2007 | |
| Did elderly clients, 83 and 87, (have since passed), and their daughter....Daughter had over $200K EVERY year in winnings.....losses were always double....she & husband had business....NOT very profitable...One year elders came in with a NEW equity loan....$300K....Why? You guessed it....daughter gave 'sob' story and mom/dad came to rescue.....I was SICK!!! Of course, ya can't tell parents what kid is doing!!!
No longer do daughter....told her I wasn't doing small businesses anymore...white lie, for ME!!! I never forgot how sad her parents looked. DJ | |
| 5 April 2007 | |
| Gains?!? I always heard that the way to make a million in horses was to start with 2 million.
Fortunately, this is an in-law, and I don't do their taxes. The rich father's accountant does them. They're moving here later this month, and I hope they still have the same guy do their taxes. I don't want to touch it, I don't want to know. They've been blowing Daddy's money at a slower speed for 20-some years; it's just getting spent a lot faster with this windfall. | |
