poker run tax question
03-26-2009, 02:58 PM
#1
poker run tax question
I won 6K at a poker run in 07. I did not claim the 6k on my 07 return. The foundation that host the poker run turned in a 1099 in July of 08 for the money. I only write off my boat as a second home. My question is I spent well over 6k for gas, condo, maintance, insurance ect..ect...in 07. Can I refile with all the cost of ownership for the boat in 07? Or only for that one run, that I finally won something?
03-26-2009, 03:44 PM
#4
VIP Member
VIP Member
as everyone says talk with a cpa, BUT, 1099's are due to you by jan31 of the following year. meaning you got it in 07, they have a responsibility to have your 1099 to you by the end of Jan of 08, so you can file properly. I would assume that like having a winning lottery ticket, if you have the receipts to offset it you can deduct it.
03-26-2009, 05:34 PM
#5
Registered
I'm a tax professional. Its hobby income. You can't take a loss, but you can deduct expenses up to the amount of income. Deduct ALL cost of the boat for the entire 2008 year (not to exceed the income). Gas, maintenance, insurance, depreciation if you have too. If your anything like me I'm sure you spent over $6K in expenses. The income goes on Page 1 of your 1040 line 21 (other income). Don't worry about listing out all your expenses. The expenses go on schedule A as a Misc itemized deduction subject to 2%. Send me a PM if you need more help or are confused.
Last edited by TexomaPowerboater; 03-27-2009 at 08:52 AM.
03-26-2009, 06:02 PM
#6
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iTrader: (3)
I'm a tax professional. Its hobby income. You can't take a loss, but you can deduct expenses up to the amount of income. Deduct ALL cost of the boat for the entire 2008 year. Gas, maintenance, insurance, depreciation if you have too. If your anything like me I'm sure you spent over $6K in expenses. It goes on Page 1 of your 1040 line 21 (other income). Don't worry about listing out all your expenses. Put the 1099 payor and then make another line and just call it hobby expenses for the same amount. Should come out as a 0 on page 1 (no tax). Send me a PM if you need more help or are confused.
03-26-2009, 06:53 PM
#7
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I won 6K at a poker run in 07. I did not claim the 6k on my 07 return. The foundation that host the poker run turned in a 1099 in July of 08 for the money. I only write off my boat as a second home. My question is I spent well over 6k for gas, condo, maintance, insurance ect..ect...in 07. Can I refile with all the cost of ownership for the boat in 07? Or only for that one run, that I finally won something?
Tom, pm sent
03-26-2009, 09:10 PM
#8
Platinum Member
Platinum Member
I'm a tax professional. Its hobby income. You can't take a loss, but you can deduct expenses up to the amount of income. Deduct ALL cost of the boat for the entire 2008 year. Gas, maintenance, insurance, depreciation if you have too. If your anything like me I'm sure you spent over $6K in expenses. It goes on Page 1 of your 1040 line 21 (other income). Don't worry about listing out all your expenses. Put the 1099 payor and then make another line and just call it hobby expenses for the same amount. Should come out as a 0 on page 1 (no tax). Send me a PM if you need more help or are confused.
Last edited by WMF; 03-27-2009 at 08:17 AM.
Thanks everyone for the help.
