Finance

Have Finance Questions? Ask a Financial Expert Online.

Ask an Expert,
Get an Answer ASAP!

Finance

Ballpark: I have $ 420,000 US dollars in gambling wins but…

Customer Question
Ballpark: I have...

Ballpark: I have $ 420,000 US dollars in gambling wins but win/loss statement says I have a loss of $150,000. How do I calculate taz taxes ?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

What else do you need?

Accountant's Assistant: Is there anything else important you think the Accountant should know?

I don't really have any other deductions

Submitted: 1 month ago.Category: Finance
Show More
Show Less
Ask Your Own Finance Question
Answered in 18 minutes by:
1/5/2018
Financial Professional: Patrick Mullis, Certified Public Accountant (CPA) replied 1 month ago
Patrick Mullis
Patrick Mullis, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 21
Experience: Capital Accounting Analyst / Financial Analyst at Norfolk Southern
Verified

In general you can only deduct losses up to your winnings and only if you itemize deductions (subject to any limitation thresholds -roughly 2% of earnings). So if you itemize and deduct losses (subject to any limitation thresholds -roughly 2% of earnings) you still owe on winnings net of that. Simple Example: 420,000 -150,000 would approximately be on your taxes as 420,000 winnings - a deduction of (150,000 - (8,400 or 2% of 450K). Hope this helps if so please rate me 5 stars. Thanks and good luck.

Ask Your Own Finance Question
Customer reply replied 1 month ago
Checking for understanding: would the approximate tax liability be $8400? Thanks!
Financial Professional: Patrick Mullis, Certified Public Accountant (CPA) replied 1 month ago

No you have don't get to deduct 8400 of the 150,000 loss you only get to deduct 141,600 because 2% of your earnings is not deductible.

Ask Your Own Finance Question
Ask Patrick Mullis Your Own Question
Patrick Mullis
Patrick Mullis
Patrick Mullis, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 21
21 Satisfied Customers
Experience: Capital Accounting Analyst / Financial Analyst at Norfolk Southern

Patrick Mullis is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Rakhi Vasavada

Rakhi Vasavada

Financial and Legal Consultant

2,608 satisfied customers

Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years

Megan C

Megan C

Certified Public Accountant (CPA)

2,218 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

Manal Elkhoshkhany

Manal Elkhoshkhany

Tutor

1,920 satisfied customers

More than 5000 online tutoring sessions.

JKCPA

JKCPA

CPA

844 satisfied customers

Bachelors degree and CPA with Accounting experience.

Eric

Eric

Financial Manager

559 satisfied customers

Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.

R. Klein, EA

R. Klein, EA

Accountant

480 satisfied customers

TurboTax Expert. QuickBooks Certified Pro Advisor

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

332 satisfied customers

NASD Licensed Rep, 1997-2001, Business Attorney

< Previous | Next >

Related Finance Questions
In California is hemp considered the same as cannabis for
In California is hemp considered the same as cannabis for taxes i know federal it's treated the same under 280E rules… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,300 satisfied customers
A lady has parkinson's and needs a nighttime caregiver.
a lady has parkinson's and needs a nighttime caregiver . familycant afford one she fell recently and almost killed herself what can ADA do for her… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I own two companies. One is a profitable mortgage broker
Hello, I own two companies. One is a profitable mortgage broker office that is a sole member llc and the other was a company I tried starting and invested 80k and the company failed and never got off … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,300 satisfied customers
I have a question about whther I need to file a state return
Hi! I have a question about whther I need to file a state return I live in MA, but my company had a contract in South Carolina this year and I worked there for 79 days … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,300 satisfied customers
I received a 1099K for a once a year "not for profit" craft
I received a 1099K for a once a year "not for profit" craft show. All $ go back out to artists. Do I need to file a return. If so what form? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I paid a handyman; who is pretty much homeless and I paid
I paid a handyman; who is pretty much homeless and I paid cash. I want to deduct that expense. What forms do I need to fill out? Would that be a 1099? If so which ones? How much is the maximum can rec… read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
I have a question regarding Airbnb income: My partner and I
Hi! I have a question regarding Airbnb income: My partner and I rented out a room in the home we rent, and I'm wondering what would be the best way to report that income. Should we fill out a Schedule… read more
Carter McBride
Carter McBride
LLM
432 satisfied customers
Have a question about business profit and loss and balance
Have a question about business profit and loss and balance sheets … read more
Brian Michels
Brian Michels
Partner, CPA
Bachelors of Business Administration
165 satisfied customers
I have heard under the new tax law that student loans
I have heard under the new tax law that student loans discharged because of total and permanent disability are no longer taxable. Does this also apply to PLUS student loans?… read more
Carter McBride
Carter McBride
LLM
432 satisfied customers
What is the number or address of the IRS department to
What is the number or address of the IRS department to contact in order to pay employees quarterly taxes.… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,044 satisfied customers
We set up a new property development company in 2017. This
We set up a new property development company in 2017. This company bought land and had some set up costs. My cpa is telling me we cannot use these losses in 2017 but must use them against the sale of … read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
We are a startup based in San Francisco, CA. We recently
Hello, we are a startup based in San Francisco, CA. We recently filled around 100 tax forms for our freelancer (1099 - MISC forms). After filing the forms, we just noticed today that our software had … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,044 satisfied customers
When you buy a stock and sell it do you get taxed every time
When you buy a stock and sell it do you get taxed every time you sell or just when you take it out of your trading account? Can you sell and reinvest it (multiple times) without getting taxed?… read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
My wife and I had a small commercial construction business
Hello,My wife and I had a small commercial construction business back in 2016 with a 3rd partner. We were silent partners and David was the one in control of day to day operation and the only one who … read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I am a foreign citizen, but have a deposit card in Bank of
Hello, I am a foreign citizen, but have a deposit card in Bank of America for my personal use. My parents are US citizens, and I visit them often, that's why I made a deposit account in US bank- just … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,044 satisfied customers
HOW MUCH IS THE FINANCIAL AID, INCOME QUALIFYING LIMIT FOR
HOW MUCH IS THE FINANCIAL AID , INCOME QUALIFYING LIMIT FOR CUNY ( FOR FAMILY OF 4 ) HUSBAND AND WIFE BOTH WORKING AND WIFE LOOKING FOR FINANCIAL AID… read more
Susan Markel
Susan Markel
4th Grade Teacher
Bachelor\u0027s Degree
1 satisfied customers
I when I make a account for the trucking company how do I go
I when I make a account for the trucking company how do I go about paying the bills are far as the house payment, etc. People tell me to pay yourself out o the trucking checking account but I am not q… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,044 satisfied customers
I am not getting credit on TURBO TAX for my job related
I am not getting credit on TURBO TAX for my job related expenses … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,044 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x