Joint Return Tax
Question: How do married couple file joint tax return if both are gambler?
Assume that my wife gambles to the same extent as I do. Also assume that we file a joint tax return. If my wife has a large net gambling gain for the year and I had a large net gambling loss, can we combine our gambling transactions and use his loss to offset her winnings? What are the IRS laws that apply?
Answer: Each of your winnings and losses stand on their own. The combined winnings go on line 21 of Form 1040. Each of you then figures your portion of deductible losses limited to your actual winnings and the total goes on Schedule A as a miscellaneous itemized deduction. This misc deduction is not subject to the 2% floor.
Keep in mind that the IRS is likely to audit your return. They will expect to see detailed records and receipts for all gambling activity. Your records must include all gambling sessions, casino name and address, machine or table numbers, etc.
Example:
You: Won $20k & lost $50k.
Wife: Won 100k & lost 20k.Gambling winnings on line 21: $120k
Schedule A loss: $40k. $20k for you (limited to your winnings.) and $20k for wife (her actual losses since her winnings were higher.)
O’Malley, Ehrlich, slow to release tax returns
ANNAPOLIS, Md. (AP) — While it’s not uncommon for candidates of statewide offices elsewhere to release their personal income tax returns to show they don’t have conflicts of interest, Maryland’s leading candidates for governor haven’t been quick to make theirs public.
Marriage-based Citizenship and Joint Tax Return – Immigration Lawyer
Joint Return
Question: no sharing on joint return Tax Refund check?
we filed a joint return in january, and now my wife wants to cash in the $1000 Tax Refund Check and keep it for herself (not for our payment bills). my question: would she be able to cash it in for herself?
Answer: If the check is made out like this :
Jane Doe/ John Doe …then you both are needing to sign the back of the check
IF the check is made out this way:Jane Doe or John Doe … then either 1 can sign it and cash it w/ out the other knowing.
That’s is selfish of her to think this way. Maybe you both should seat down and meet half way on it. LIke you can take this much & I can take this amount to spend it on what ever. Even if it’s just a little bit.
Good luck
Golden Minerals buys Hochschild’s stake in joint venture in return for stock
GOLDEN, Colo. – Golden Minerals Co. (TSX:AUM) will acquire Hochschild’s 35 per cent interest in their Minera El Quevar S.A. joint venture in Argentina in exchange for stock and warrants currently worth nearly $4.1 million.
Return Of The Jedi (Original 1983 Ending)