Hello Trusted WCR community. I am wondering if there are any CPA's among us that may be able to help answer a question for me.
Can I write off Gambling losses? I found that I could... but only against Gambling winnings. Meaning if I owe taxes on winnings, I can write off the losses to negate the taxes owed on winnings. Is that the case? Originally I was under the impression that I could write off Gambling losses regardless of winnings which obviously would be helpful.
I have always used TurboTax and taken the standard deduction. I don't own a home, have kids, or much else in complicated factors. I did, however, start making more money in 2016, had multiple W2's and potentially a good amount of Gambling losses/ business expenses to write off (if possible).
I am not sure if I should spend the ~$300.00 to do my taxes with a CPA (is it worth it?) because it still is a pretty simple tax return that I could do myself on TurboTax.
I also changed my dependent count a few different times throughout the year... but I think TurboTax automatically factors for that too..?
Would you recommend I spend the extra money for a CPA to do them just in case, or should I be fine with TurboTax again?
I know this question is solely for my personal situation, but maybe will help others too as it is tax season. I really appreciate any advice on this subject, especially if you are Certified Public Accountant :)
Thanks in advance,
Nathan
Can I write off Gambling losses? I found that I could... but only against Gambling winnings. Meaning if I owe taxes on winnings, I can write off the losses to negate the taxes owed on winnings. Is that the case? Originally I was under the impression that I could write off Gambling losses regardless of winnings which obviously would be helpful.
I have always used TurboTax and taken the standard deduction. I don't own a home, have kids, or much else in complicated factors. I did, however, start making more money in 2016, had multiple W2's and potentially a good amount of Gambling losses/ business expenses to write off (if possible).
I am not sure if I should spend the ~$300.00 to do my taxes with a CPA (is it worth it?) because it still is a pretty simple tax return that I could do myself on TurboTax.
I also changed my dependent count a few different times throughout the year... but I think TurboTax automatically factors for that too..?
Would you recommend I spend the extra money for a CPA to do them just in case, or should I be fine with TurboTax again?
I know this question is solely for my personal situation, but maybe will help others too as it is tax season. I really appreciate any advice on this subject, especially if you are Certified Public Accountant :)
Thanks in advance,
Nathan