Stacy’s Tax Tips
For all of you lucky people out there, gambling winnings are always taxable. This includes non-cash items as well. The fair value of anything won must be reported. Gambling losses can be deducted on schedule A if you itemize and can only be deducted to the extent of your winnings. It is important to keep receipts for your losses as the IRS will ask for them in the event of an audit.
Keep in mind that you can give gifts in 2009 of up to $13,000 per person. You can give as many as you like as long as they do not exceed $13,000 per person. If a gift of more is given, the giver is required to fill out a gift tax return. Speak to your tax advisor if you are concerned about having to file a gift tax return.
Looks like the IRS is going to continue to allow people to make donations from their IRA of up to $100,000 and avoid any tax on the amount donated. Speak to your tax advisor to find out further details.
Call me for all of your accounting and tax needs! If you have a topic of interest, call me and I will try to include it in my tax tips.
I can be reached at 718-318-8829 or visit my website at www.sandcpa.com. We are located at 438 Beach 129 Street, 2nd Floor and celebrating our 3rd year in Rockaway.