You can deduct gambling losses up to how much you won gambling

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Dec 18, 2024
7:39:53pm

TCuz Coastal Elite

You can deduct gambling losses up to how much you won gambling

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TCuz

Previous username: TCuz13
Bio page: TCuz
Joined: Mar 1, 2014
Last login: Dec 18, 2024
Total posts: 64,141 (20,610 FO)

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Messages

Author

Time

Accountants: Best way to lower Adjusted Gross Income in the next 2 weeks

GFCougar

Dec 18, 7:36pm

Donate to my charity. I'll send you the tax id.

Cougsanity

Dec 18, 7:38pm

The Human Fund?

jrifkin48

Dec 18, 7:52pm

You can deduct gambling losses up to how much you won gambling

TCuz

Dec 18, 7:39pm

Traditional IRA if you qualify.

RexIdaCoug

Dec 18, 7:39pm

Set up a Donor Advised Fund. It's an immediate deduction to your income. Then

Dec 18, 7:42pm

Doesn’t lower AGI, though. May lower taxable income.

allaboutthegainz

Dec 18, 7:46pm

<< Deleted >>

TwinsRight

Dec 18, 9:13pm

Self employed?

allaboutthegainz

Dec 18, 7:47pm

Unfortunately no

GFCougar

Dec 18, 8:08pm

Itemized deductions after AGI, so charity won't help you. Was it self-employed

Bainge

Dec 18, 7:47pm

All W-2 for both of us

GFCougar

Dec 18, 8:12pm

Prepay tithing for next year? IRA

Dec 18, 7:52pm

Perhaps you could defer some income until Jan? Pay your 2025 tithing now? Donate more to Cougar Club?

HarlemCoug

Dec 18, 7:54pm

Do you need to lower your AGI or your taxable income? Two different things as

Dec 18, 7:56pm

AGI

GFCougar

Dec 18, 8:09pm

In some circumstances you can prepay next year's state taxes

CocaColaRecovery

Dec 18, 8:04pm

Max out your 401k and traditional IRA contributions. Look into a SEP IRA if you

NoVaCoug10

Dec 18, 8:08pm

Does 401k come out before the AGI calc?

GFCougar

Dec 18, 8:11pm

Yes

RexIdaCoug

Dec 18, 8:13pm

Then we may be ok

GFCougar

Dec 18, 8:14pm

Selling a few loser stocks can get you $3000. You can always buy them back

Tare

Dec 18, 8:20pm

Augusta rule if you have an s corp

Dec 18, 9:23pm

If self employed can deduct 20% of net income with Qualified Business Income

Bigcouggy2

Dec 18, 10:42pm

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