TAX PRO PLUS LA

Gambling and Tax Gotchas

Gambling is a recreational activity for many taxpayers, and as one might expect, the government takes a cut if you win and won’t allow you to claim a loss in excess of your winnings. In fact, there are far more tax issues related to gambling than you might expect, and they may be impacting your taxes in more ways than you might believe. So here is a rundown on the many issues, which I like to call “gotchas,” that can affect you.

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Is a Living Trust Appropriate for You?

You have probably heard others discussing living trusts but may not understand the reasons for them or whether you should have one.

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VIDEO: Unable to Keep Up with Your Home Mortgage Payments?

When you are in danger of having your home repossessed, the action you choose to make may have an impact on your taxes. Watch this video to learn more.

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Solar Tax Credit is Sunsetting Soon

A federal tax credit for the purchase and installation costs of a residential solar system is fading away. After being 30% of the cost for several years through 2019, the credit amount drops to 26% in 2020 and then 22% in 2021, the final year of the credit.

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Keeping Your Designated IRA Beneficiary Current is Important

Keeping your designated IRA beneficiary current is very important. You may not want your account going to your ex-spouse, and you certainly do not want a deceased individual to be your beneficiary. In addition, the decision concerning whom you wish to designate as the beneficiary of your traditional IRA affects:

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