Gambling losses allowed for amt

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Are casualty and theft losses allowed as an itemized deduction for AMT purposes? Please advise.

Proof Is Needed to Deduct Gambling Losses - How can the answer be improved? Alternative Minimum Tax (AMT) Strategies | Dance, Bigelow The Alternative Minimum Tax (AMT) is a tax that was originally intended to ensure that wealthier taxpayers with large write-offs and tax-sheltered investments pay at least a minimum tax. To accomplish this, Congress created a second (alternative) tax computation that adds back to income certain tax preferences and eliminates some deductions.

Establishing Basis for Gambling Losses - The Tax Adviser

You probably know people who believe they can beat the odds in Vegas. You should be skeptical. According to statistics from the University of Nevada, Las Vegas (UNLV) Center for Gambling Research, your gambling friends are almost certain … Individual Income Tax Returns, 004

Feb 1, 2019 ... Gambling losses claimed as an itemized deduction ...58. Income taxes paid to another ...... The standard deduction allowed on your federal return, or ...... tax, sales tax, alternative minimum tax (AMT), prop- erty tax, or other ...

Tax Cut Suspends Many Deductions For Individuals - Forbes Tax Cut Suspends Many Deductions For Individuals. ... SALT is still allowed as a deduction from net investment income for calculating the 3.8% Obamacare net investment tax. ... Gambling loss ... Which of the following is not an itemized deduction ... Which of the following is not an itemized deduction allowed for AMT pu ... - Answered by a verified Tax Professional ... My 2015 gambling losses exceeded my winnings by a lot. Even though I only claim losses equal to my winnings, it appears they don't end up to be a wash when doing my Minnesota state return.

Gambling Losses & Winnings -

For Alternative Minimum Tax purposes, certain items of income, deductions, etc., receive different tax treatment than for the regular tax.Because you may have to re-figure these items for alternative minimum tax purposes, the carryback or carryforward amount may be different for the AMT than for...…