PDA

View Full Version : Two Different Tax Questions...

AcmeSalesRep
09-05-2005, 08:25 PM
I have never seen these asked before, though I did not search back more than a few months...

(1) For some sites (i.e. Cryptos), there is a fee to withdraw. Can this fee be deducted against your winnings? Or do you just have to suck it up?

(2) For a variety of sites, you get hit with currency conversion fees going from NeTeller to the site and vice-versa. Are these fees deductible? Or do you need to suck them up as well?

My feeling is that they are not tax-deductible...but I'd love to hear some other thoughts.

Thanks.

Acme
KaneKungFu123
09-05-2005, 08:30 PM
deduct them you pus
Jimbo
09-05-2005, 11:18 PM
Can you deduct the gas you burn going to and from a B&M poker room? Only if you file as a professional.
BigBiceps
09-06-2005, 11:42 AM
They are both deductible.

If you itemize deductions you can deduct them on line 22 of schedule A. "Enter the total amount you paid to produce or collect taxable income" The caveat is that, that whole category has to be greater than 2% of your AGI.

Ignore the other guys answer, he is wrong.
AcmeSalesRep
09-06-2005, 11:50 AM
[ QUOTE ]
They are both deductible.

If you itemize deductions you can deduct them on line 22 of schedule A. "Enter the total amount you paid to produce or collect taxable income" The caveat is that, that whole category has to be greater than 2% of your AGI.

[/ QUOTE ]

That whole 2% thing is gonna be a tough one...my wife just started working as a patent attorney...

Thanks for the info.

Acme
Gandor
09-06-2005, 01:44 PM
Have you considered filing separately?
AcmeSalesRep
09-06-2005, 02:05 PM
[ QUOTE ]
Have you considered filing separately?

[/ QUOTE ]

I'll always check, but it is very unlikely that this would work out better. If we did this, a lot of our other deductions become worthless...and they are a lot more valuable than the $200 or so we are talking about with these fees!

Acme
Jimbo
09-07-2005, 10:44 PM
[ QUOTE ]
They are both deductible.

If you itemize deductions you can deduct them on line 22 of schedule A. "Enter the total amount you paid to produce or collect taxable income"

[/ QUOTE ]

Incorrect unless you are filing as a professional poker player. Otherwise they are not. I suggest you consult a tax professional rather than a person with big biceps.