Laura Saunders
speaker
5,937 appearances
109 recordings
1 series
first heard Jul 2017
last heard Nov 2024
Laura Saunders’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsNo recordings in the last 12 months.Older appearances are listed below; set an alert to hear about the next one.
Appearances
Now, maybe this is a little bit like household help.
Most people don't pay attention to the law.
But there's a slice of people that need to be very concerned if their children are doing sports betting and the child is a dependent, like a college student.
Then the child probably needs to file a return letter.
The gambling winnings are taxable as ordinary income.
The losses are probably not deductible.
There's no standard deduction.
It gets really complicated really fast.
And there's some questions we don't even know the answer to, like whether those winnings are subject to the kiddie tax.
That's when income is taxed at the parent's rate.
But it is an important thing for parents to be aware of if their children are doing online sports betting.
Yes, there absolutely is.
Well, I think the best advice that I heard from the professionals is to keep a very, very good record of your wins and losses.
The IRS knows that most people who are betting or gambling are losing more than they win.
And so if you can show the IRS that you lost more than you won, you may not have a problem with all this in an audit.
But you need to have the records, and many people don't do that.
I did talk to a CPA at a firm that handles a lot of returns for online sports bettors and other gamblers and are very familiar with this.
And when he talks to his clients and he explains the rules, he says they're really surprised.
They say, is this worth it?
Because it seems like everybody wins, the companies, the IRS, the states.
Showing 621–640 of 5,937 · page 32 of 297
← Previous
Next →