What’s in the Tax Bill, and How It Will Affect You - The Dec 16, 2017 · What’s in the Tax Bill, and How It Will Affect You But come 2019, it will go back to the 10 percent threshold for all taxpayers. Individual Mandate. ... Gambling Losses. How to deduct gambling losses and expenses from your taxes Mar 24, 2019 · How tax reform could matter. One tax reform-related change relevant to gambling is this: Because you must itemize gambling losses, it won't help if …
Horseplayers Concerned About Kentucky Tax Change - BloodHorse
Sep 7, 2018 ... As football season kicks off, be sure to note changes under tax reform that might affect your gambling winnings and losses. Miscellaneous Itemized Deductions: No Longer Deductible | Nolo Tax reform eliminates most miscellaneous itemized deductions. ... dues, investment fees, or hobby expenses. However, gambling losses remain deductible. Horseplayers Concerned About Kentucky Tax Change - BloodHorse
The Act retained the medical-expense itemized deduction, which is allowed if it’s more than the AGI threshold. In 2017, the AGI threshold was 10% for taxpayers under age 65, and 7.5% for age 65 or older. The Act uses a 7.5% AGI threshold for all taxpayers in 2018, and a 10% threshold for all taxpayers starting in 2019.
Unintended consequence of tax reform hits winners at the track Like a thoroughbred in the final stretch, tax reform passed the 2018 Kentucky legislative session with lightning speed. But in the break-neck excitement of those waning hours of the session, no one noticed how wagering on thoroughbred racing, the state’s most celebrated sport, was about to come und
2019 Kentucky Tax Changes - revenue.ky.gov
Feb 26, 2019 · Tax Day 2019 is Monday, April 15.; With tax reform, filing 2018 taxes may be more complicated.; But aside from seeing what's changed with the new tax … Tax Reform for Individuals: Changes in Deducting Gambling Tax Reform for Individuals: Changes in Deducting Gambling Losses Professional gamblers and hobby gamblers are now on the same playing field in the eyes of the IRS. Under the Tax Cuts and Jobs Act (TCJA), changes were made to how expenses and losses are deducted against gambling winnings. Gambling loss | Taxes for Everyman - WorthTax
What’s in the Tax Bill, and How It Will Affect You - The
Gambling Winnings & Losses - File Taxes Online w/ Free Tax ... Gambling winnings are reported as Other Income on Line 21 of IRS Form 1040. While you may be able to deduct your gambling losses, gambling winnings are not directly ... Gambling - Don't Mess With Taxes
Summary of 2018 Tax Reform Changes (IRS) The Standard Deduction will almost double. Married Filing Joint was raised by IRS to $24,000, Single to $1... Newsletter - Stanfield + O'Dell Tulsa CPA Audit Bookkeeping If passed, gambling losses would be exempt from the Oklahoma itemized deduction limitation ($17,000) in the same manner as medical expenses and charitable contributions. Tax Reform | United Way of Franklin County “Congress is gambling with the lives of millions of people who rely on charitable and government social services by increasing the federal deficit to fund tax cuts.