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poker run tax question

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Old 03-26-2009, 03:58 PM
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Default 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?
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Old 03-26-2009, 04:13 PM
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You should probably talk to a tax professional. If you you won it in as tate that has state income tax, you may have to file there as well.
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Old 03-26-2009, 04:19 PM
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talk to a professional, it will be much better if you refile before uncle SAM figures it out
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Old 03-26-2009, 04:44 PM
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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.
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Old 03-26-2009, 06:34 PM
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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.

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Old 03-26-2009, 07:02 PM
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Originally Posted by TexomaPowerboater View Post
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.
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Old 03-26-2009, 07:53 PM
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Originally Posted by tomtbone1993 View Post
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
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Old 03-26-2009, 10:10 PM
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Quote:
Originally Posted by TexomaPowerboater View Post
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.
I think that is what Rob( offshoredrillin) said in the post he made?? correct CPA???

Last edited by WMF; 03-27-2009 at 09:17 AM.
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Old 03-26-2009, 10:28 PM
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talk to a professional, it will be much better if you refile before uncle SAM figures it out
Uncle Sam did find out Thanks everyone for the help.
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Old 03-26-2009, 10:43 PM
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Uncle Sam did find out Thanks everyone for the help.
That sucks!!!!
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