Corning, New York
- Thread starter i am herdman
- Start date
You're an OATH BREAKER. You have BROKEN your OATH. Fact.
Maybe they are in a 401(k) account.
He’s been here every day. Seems to have disappeared after that ill advised post. Hope he’s okay.
And by "taking him for his word," you're looking more like a fool than usual.
And since I proved you (and him) wrong, you're now moving the goalposts. First, you said it depended on what he bought it for and what he sold it for. After I proved that, you're now wanting to look at "costs related to the property that would impact his capital gains." Wrong. Usually, home improvement projects aren't able to be written off. He sold his house for significantly more than he bought it for. He made money on it. If not, he wouldn't have needed an exclusion.
A financial statement doesn't show if you actually made or lost money. That's how somebody like Trump can pay no taxes for a decade yet claim he made hundreds of millions.
If you have stock that increased in value today, do you say that you made money? Nope. It's because you haven't. You won't make money until it is realized.
I keep asking this, and you keep running from it: If you didn't make money, then why would need an exclusion to not have to show it on your taxes?
Show us the IRS code stating that gambling winnings have to be reported/taxable by quarter.
Name anything in that article that refutes or makes it seem like I am "skating on a fine line" with what I said.Rifle, I am not accountant but thin you shold at least do some serious research. You seem to be skating on a find line there.
How to Pay Taxes on Gambling Winnings and Losses
For many of us, gambling means buying the occasional lottery ticket on the way home from work, but the Internal Revenue Service says that casual gambling also includes raffles, casino games, poker, sports betting—and, yes, even fantasy football. When you win, your winnings are taxable income...turbotax.intuit.com
First correction - capital improvements increase the cost basis of real estate. While the cost is not deductible at the time of the improvement, it can 100% be used to reduce your capital gain at time of sale. For example, if you buy a house for $300,000 and $40,000 to put in a pool, your basis is now $340,000. If you sell it for $340,000 you would be subject to no capital gains tax.
Second correction - a financial statement comparison of two different points in time shows if you have had an increase, or decrease, in assets, liabilities, and resulting net worth. This would show if you made money in that you would have an increase in assets that would be greater than any increase in liabilities.
Third correction - you are required to pay estimated taxes on a quarterly basis for income not covered by federal withholding tax. This would include things such as investment income, net rental income and gambling income for example. The IRS assumes all those sources are earned equally throughout the year. So say you lost money gambling every month and then win $1,000,000 in December. You would need to pay tax on the $1,000,000 on January 15th and you would still get audited because they would want proof you won it all in Q4 and didn’t hold out on them. If you can’t prove it’s all from Q4 you will be responsible for penalties and interest.
The IRS says you earn that gambling income on the same date the gambling site paid you and recognized the expense. It doesn’t matter if you draw the money or leave it in your account, that’s just stupid. That’s like saying if your pay check is direct deposited into your account you don’t owe taxes on it until you use it.
Like I said, ask your accountant because I know you won’t believe me. Hopefully he doesn’t laugh too loudly when you tell him your reasoning.
Second correction - a financial statement comparison of two different points in time shows if you have had an increase, or decrease, in assets, liabilities, and resulting net worth. This would show if you made money in that you would have an increase in assets that would be greater than any increase in liabilities.
Third correction - you are required to pay estimated taxes on a quarterly basis for income not covered by federal withholding tax. This would include things such as investment income, net rental income and gambling income for example. The IRS assumes all those sources are earned equally throughout the year. So say you lost money gambling every month and then win $1,000,000 in December. You would need to pay tax on the $1,000,000 on January 15th and you would still get audited because they would want proof you won it all in Q4 and didn’t hold out on them. If you can’t prove it’s all from Q4 you will be responsible for penalties and interest.
The IRS says you earn that gambling income on the same date the gambling site paid you and recognized the expense. It doesn’t matter if you draw the money or leave it in your account, that’s just stupid. That’s like saying if your pay check is direct deposited into your account you don’t owe taxes on it until you use it.
Like I said, ask your accountant because I know you won’t believe me. Hopefully he doesn’t laugh too loudly when you tell him your reasoning.
What a moron you are, a confident one at that. I think rockdog lined you out pretty well so I'll just sit back and laugh....again.
@riflearm2
Your time is now. Mets have an opening in the rotation and I know you know her. Make it happen.
Your time is now. Mets have an opening in the rotation and I know you know her. Make it happen.
@riflearm2
You just traded Verlander. But I think you may have picked up Lenny Dykstra's clone in Drew Gilbert.
But you’re exempt from cap gains, right? And you only need an exemption when something would normally apply but has an exception. So that again, since you’ve failed to answer, begs the question that if you didn’t make money, why would you need an exemption for paying taxes on the money you claim to have not made? If you made no money on it, you wouldn’t need that exemption, now would you.
An increase in assets doesn’t mean that you made money. If my stock increases today, did I make money? Nope. If I cash out my stock after it increases in value, I then make money.
It’s why I don’t have to pay taxes just because my stock increases- because it’s unrealized and you haven’t made money.
It should be easy for you to show IRS code stating that gambling winnings must have the taxes paid quarterly. Hell, the IRS publishes info specifically about gambling. So show us where it states that.
There’s a reason why legal books don’t send tax documents quarterly and only do it annually.
I can now sit behind the Astros dugout and yell to JV “I saw those pictures online of you and Kate. Do you have any others you dirty, dirty kids?”
I waited all year for opposing fans to say something to him about the naked pictures of his wife with spooge all over her, but nobody did.
