"Just watched a 500,000 dollar foot ball game... Some times I hear voices in my head they tell me thing. Like bet on GIANTS so I listen."

I should be rich.

So both he & his grandmother will have to pay taxes and this.

I am sure the church is happy about this news

Creflo Dollar "nana, now you know - to go to heaven - you need to come off that cash"

jso2897: I'll bet the IRS is delighted to hear this.

Question.

In the US, I assume by your comment you have to pay taxes on gambling winnings. Do you get to claim gambling losses against your income?

I think I know the answer, but I'm not sure...

/Canadian

DrSieb: jso2897: I'll bet the IRS is delighted to hear this.

Question.

In the US, I assume by your comment you have to pay taxes on gambling winnings. Do you get to claim gambling losses against your income?

I think I know the answer, but I'm not sure...

/Canadian

i can sum this up with one line from the movie "Goodfellas"...

FARK YOU, PAY ME!!!

DrSieb: jso2897: I'll bet the IRS is delighted to hear this.

Question.

In the US, I assume by your comment you have to pay taxes on gambling winnings. Do you get to claim gambling losses against your income?

I think I know the answer, but I'm not sure...

/Canadian

if you lose it gambling in the stock market you can. in a casino no.

DrSieb: jso2897: I'll bet the IRS is delighted to hear this.

Question.

In the US, I assume by your comment you have to pay taxes on gambling winnings. Do you get to claim gambling losses against your income?

I think I know the answer, but I'm not sure...

/Canadian

Yes, but you can only claim gambling losses against gambling winnings. Also, they can be difficult to document (I don't remember where the line is that they need to be documented).

Money goes to money

Best In The World: hbk72777: Money goes to money

"Many have said of Alchemy, that it is for the making of gold and silver. For me such is not the aim, but to consider only what virtue and power may lie in medicines." - Paracelsus

Yo, this is what I always say 2 my GFs. Ya gotta have $ 2 make $. Fiddy's a bit like Jesus Christ turning oil into wine & loafs of bread into phat stacks of paper literally thru the method of gambling. He's like an alchemist. UR not gonna die trying 2 git rich if ya bet tha Giants. Eli is spitting str8 fire right now. Ppl diss some of these rappers all tha damn time but its obvious they got game and can finacialize thurrr decisions. U gots ta respect that. Thurrs so much truth in the magic game. I know Skyrim is fiction but if you play above the Skyrim ina mythical sense U can find impowerment in anointing oils. This is why ppl bless themselves upon entrance into the Temple.

When did you go black with your character?

Good for him. My guess is his net gambling gains/losses are still in the negative (you certainly don't tweet about it when you lose $500,000).

Couldn't he have just died trying?

Phoenix_M: So both he & his grandmother will have to pay taxes and this.

His grandmother won't have to pay any taxes. Gift tax is on the giver, not the recipient. Although he can certainly pass along the burden by taking it out of the amount he gives her, which wouldn't be unreasonable.

How much of that will he be giving to Kyle Williams?

/What, me bitter?

Super Chronic: Phoenix_M: So both he & his grandmother will have to pay taxes and this.

His grandmother won't have to pay any taxes. Gift tax is on the giver, not the recipient. Although he can certainly pass along the burden by taking it out of the amount he gives her, which wouldn't be unreasonable.

Only the first 10k is a free gift, anything over that Grandma has to claim. Tell Oprah's audience who got free car's, trips and biatched when they got a tax bill from the IRS that its the giver who pays.

LineNoise: You can deduct gambling losses from your winnings, but like noted above, it can be tricky. Just showing up with a stack of loosing tickets from the race track won't cut it in most cases.

I think that would be pretty good proof, actually. When you lose at most casinos there's no documentation that you lost (or even played the game). The IRS requires documentation of winnings above a certain threshold but, as far as I know, there is no documentation of losses. Of course, this works in the IRS's favor, so go figure.

The odds were 1,000,000 to 1? Damn, I should have taken that bet

iamskibibitz: I think that would be pretty good proof, actually. When you lose at most casinos there's no documentation that you lost (or even played the game).

Get a marker.

iamskibibitz: LineNoise: You can deduct gambling losses from your winnings, but like noted above, it can be tricky. Just showing up with a stack of loosing tickets from the race track won't cut it in most cases.

I think that would be pretty good proof, actually. When you lose at most casinos there's no documentation that you lost (or even played the game). The IRS requires documentation of winnings above a certain threshold but, as far as I know, there is no documentation of losses. Of course, this works in the IRS's favor, so go figure.

Reporting gambling losses is a pretty gray area for the reasons above. If you win $1,000,000 it might be difficult to convince anyone you are offsetting all of that with losses unless you are a professional gambler, but it is reasonable for many people to offset as much as $5,000 over the course of a year.

If you have one of those cards that goes into the slot machines the casino has a pretty good record of your play. I don't know if it is possible to get a report from the casino listing the date/time of your gaming sessions and buy in amounts in case of an audit, but I'm pretty sure the casino has that information. I'd be amazed if the only data they kept was a # of points.

Phoenix_M: Super Chronic: Phoenix_M: So both he & his grandmother will have to pay taxes and this.

His grandmother won't have to pay any taxes. Gift tax is on the giver, not the recipient. Although he can certainly pass along the burden by taking it out of the amount he gives her, which wouldn't be unreasonable.

Only the first 10k is a free gift, anything over that Grandma has to claim. Tell Oprah's audience who got free car's, trips and biatched when they got a tax bill from the IRS that its the giver who pays.

Incorrect. Oprah's "gifts" were subject to income tax, not gift tax, because they were received as business promotions.

You're simply wrong. Gift tax is paid by the giver, not the recipient. I tried to correct you once, politely; don't make me keep coming back here to correct you again.

Or you can simply do your own research (new window).

rich rapper problems

bad rap... 50 cent...
I SEES WHAT YOU DID THERE