say you made 79k working and had only one write off a loss of 32k how much would that loss save you in taxes. thanks for the help
say you made 79k working and had only one write off a loss of 32k how much would that loss save you in taxes. thanks for the help
it depends upon the type of loss...
if your loss it a capital loss, then assuming you have no capital gains to offset the loss, only $3,000 of your capital loss is deductible in the current year, with the remaining unused capital loss carriedforward to future years and available to offset capital gains or have another 3000 deducted against ordinary income.
if your loss is a casualty loss, then you can deduct the amount of loss that exceeds 10% of your agi
if your loss is a gambling loss, not deductible...if the loss is from the sale of a personal residence or other personal asset you have used (car, clothing, jewelry) also not deductible
Last edited by GrenadaRoger; 12-16-2015 at 06:44 AM.
(long before there was a PFA i had my Grenade & Crossbones avatar at DD)
Last edited by Jayjami; 12-16-2015 at 11:24 AM.
what if it was for payroll loss for the year that you gave a 1099 for you lost that money to get the 79k you did get. so in real money you made 49k
What??? I think you need to consult face to face with a tax preparer.....your explanation is too skimpy for me to be sure about your transaction---it sounds like you paid a consultant/attorney/mediator $30k to help you collect $79k of disputed wages, and you gave the person you paid a Form 1099...if so here is the tax rule: legal fees or expenses incurred for the generation, collection or preservation of income are deductible on schedule A as a miscellaneous deduction--I don't recall offhand if they are subject to the 2% agi threshold
but I am not going to answer any more questions...I don't want to have to dig out the facts in this matter online and I believe digging out is what is needed here--really, your preparer can best do that in an interview/appointment
one response to earlier comment in this thread re: gambling losses...it is true that gambling losses are deductible to the extent of gambling winnings...and last time I looked at this (which was a 2014 January) net gambling losses for a professional gambler filing a Schedule C can not carry forward the gambling losses to future years...however, the expenses incurred as a part of the gambling business (travel, parking, meals, lodging etc) that are on the Schedule C that contribute to an operating loss can be carried forward
(long before there was a PFA i had my Grenade & Crossbones avatar at DD)
I love lamp.
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