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The particular tax consequences of a donor's charitable contribution depends on the type of contribution that he makes. A taxpayer may contribute services, cash, or property to a charity. There are a number of traps, especially that donations of short-term capital gains are generally not tax deductible.
Arehart told participants that money spent on the raffle tickets was tax deductible even though the Internal Revenue Code specifically restricts deductions for purchases of games-of-chance tickets ...
In some cases, the standard deduction might offer higher savings, but talk with a tax professional to make sure you aren’t missing any itemized deductions. 6. Higher tax filing thresholds
Section 183(b)(2) provides that a taxpayer may deduct an amount "equal to the amount of the deductions which would be allowable [ . . . ] only if such activity were engaged in for profit, but only to the extent that the gross income derived from such activity for the taxable year exceeds the deductions allowable [ . . .
Learn about the top tax write-offs for 2016, from student loan deductions to gambling deductions -- and even safety deposit box rentals.
Essentially, in order to qualify for a deduction of losses from wagering, the taxpayer can only deduct up to the amount of gains accrued from wagering. In Commissioner v. Groetzinger, the Supreme Court Justice Blackmun alludes to Section 165(d) which was a legislative attempt to close the door on suspected abuse of gambling loss deductions. [2]
The deduction can be used to cover the cost of maintaining the tree. ... Missouri charged an annual tax of $1 to single men between the age of 21 and 50. The "bachelor tax" was passed in 1820 ...
In 1784, to raise revenue for the government, the anti-gambling law was repealed, and taxes were imposed of 8s per deck of playing cards and 10s per "box and dice". [7] New games named "A.B.C. and E.O. tables", which the legislature called "an evil species of gaming", were slapped with a £250 tax in 1785, [ 8 ] and were banned entirely, along ...