Friendly reminder about your deadbeat Uncle living in DC

Discussion in 'Other Casino Games' started by Mssthis1, Oct 13, 2018.

  1. Mssthis1, Oct 13, 2018

    Mssthis1

    Mssthis1 Member

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    While doing my quarterly taxes this week I had a long conversation with my accountant. He reminded me that the standard deduction for a married couple has increased to $24,000. Add $1300 more to that if you're over 65 or blind.

    With that being said he reminded me that any W2G's or other gambling winnings will probably be taxed starting this year since it is unlikely that we will have 24K in itemized personal deductions in our case.

    Everyone's case is different. Consult professional advice if you're uncertain.
     
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  2. The Midnight Skulker, Oct 13, 2018

    The Midnight Skulker

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    The last few years our itemized deductions have been above the federal standard by an amount less than our state taxes. Idaho uses all federal rules except the deduction for state taxes, but the way I have read the rules we still have to itemize on our state taxes even though the adjusted deductions with state tax added back in are less than the standard. Apparently this has confused our state tax commission for they have refigured our liability and refunded the difference every year. I have meant to bring this to their attention every year, but I never got a round tuit and so never have. The new federal standard should solve this problem.
     
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