Thread: Taxes question
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Old 11-15-2005, 05:27 PM
Niediam Niediam is offline
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Join Date: Jan 2005
Location: Michigan
Posts: 823
Default Re: Taxes question

Does the fact that he is in college affect anything?

Could he file a secedule C because it's his sole source of income?

If he can, would it be wise to do so?

Does being a dependant change any of his tax liability?

Would having a professional tax prepairer redue the chances of him being audited?

By the way, how do you define a session? [img]/images/graemlins/smile.gif[/img]

What about state tax liability? Some states don't allow you to deduct any gambling loses. Is there a way around this for his state?

Does he owe any city taxes? Would that be the city he lives in for college and earned the money or the city where his parents live?

I don't really want answers to any of these questions. [img]/images/graemlins/smile.gif[/img] I'm just trying to point out that gambling tax situations are often very complicated and for most people talking a professional is much better than any 'do-it-yourself' method.
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