When filing Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, use Schedule K to deduct debts that the decedent owed at death and obligations, such as mortgages or liens, which the decedent’s estate is liable for. Schedule L is used to report any net losses that occur during estate administration. Expenses incurred in administering property not subject to claims should also be reported in Schedule L.
Jun 22, 2013 Are gambling debts a problem in bankruptcy? - Read the Bankruptcy legal blogs that have been posted by Douglas Gist Farquhar on Lawyers.com. Gambling debts can be a problem in bankruptcy if you. If you are a professional gambler and gambling is your ONLY source of income yes you can write off losses. Big problem with this.If the casinos know that you are making a living off them they will bar you.Simple solution dont claim winnings.However winning a 1000.00 gets you an automatic tax slip from the casino.Rock and a hard place situation.Games like craps/ roulette they can't prove.
Schedule K: Deducting the decedent’s debts and obligations
Report all unsecured debts that existed at the time of the decedent’s death, whether or not mature (currently due), and that relate to property not subject to claims of the decedent’s creditors on Schedule K. Your state law determines which items of property are subject to claims. For each item, include the name of the creditor, the nature of the claim, the amount, and the period of time, if specified.
The following are examples of some deductible debts you might include on Schedule K:
Household expenses accrued before death.
Property taxes accrued before death.
Federal taxes on income received before the decedent’s death. If it’s a joint liability with a surviving spouse, the estate would only be liable for the decedent’s portion under local law.
Unpaid gift taxes on gifts the decedent made.
Certain claims of a former spouse against the estate if they meet the requirements set out in the instructions to Form 706, Schedule K.
Professional fees, such as attorneys’ fees, or accountants’ fees for services rendered during life.
Amounts due on notes, judgments, and accrued interest through date of death.
On the bottom half of Schedule K, report any obligations which are:
Bad Debt Write Off Template
Secured by mortgages or other liens for which the decedent was personally liable, and for which the estate is now liable.
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On property you included in the gross estate at its full value, unreduced by the mortgage or lien
If the decedent and his or her estate aren’t liable for the mortgage or lien, include in the gross estate only the value of the property net of the debt. You don’t deduct any portion of such debt on this schedule.
Schedule L: Deducting estate losses
Any losses (from theft, fire, storms) that occur during the settlement of the estate should be reported on Schedule L. These losses are deductible unless they’re reimbursed in some way (by insurance, for example). Losses aren’t reflected in the alternate valuation of the property. You cannot take the loss on the 706 and on the applicable income tax return, so consult relative tax rates and choose wisely.
Deduct expenses you incur in administering property included in the gross estate but not subject to claims on the bottom half of Schedule L: Net losses during administration and expenses incurred in administering property not subject to claims. Report the expenses relating to administering a decedent’s revocable trust here.
You may only deduct those expenses paid within the period of limitations, typically three years after the 706 is filed. The expenses must relate to settling the decedent’s interest in the property or vesting good title in the beneficiaries. Any expenses deducted on an income tax return may not be deducted here.
Hello and thanks for starting a thread in the Gambling Therapy forums
Here at Gambling Therapy we pride ourselves on being a caring and diverse online community who can help and support you with the difficulties youre currently facing. We understand that this might be a tough time for you, particularly if youre new to recovery, so come here as often as you need to and participate in the forums, access online groups and connect to the live advice helpline if you need one to one support. Were in this together!
Here on the forum you can share your experiences in a safe, supportive and accepting environment. The beauty of writing it all down is that you can take your time and you will be creating a record of your progress that you can look back on if it ever feels like youre not moving forward. So, share as much or as little as you like but do try to stick to keeping just one thread in this forum so people know where to find you if they want to be updated on your progress or share something with you.
And on that note..
So this means one of two things; the website is mistaken, inaccurate or lying, or two, the casino doesn’t mention that they accept Amex on their website, but it’s available once you log-in.So what I would recommend doing is signing up for a free money account at the casino(s) you’re interested in joining, and just checking out their cashier. https://sologol.netlify.app/online-casino-that-accepts-amex.html. US Online Casinos That Accept American ExpressBased on my research American Express is not as widely accept as MasterCard, and both aren’t even close to the number of casinos that accept Visa. From what I understand online casinos aren’t as excited to accept American Express because they have higher fees, which are to cover processing and the various discounts and rewards that they give to their members.That said, I’ve noticed a lot of gambling portals that mention that so-and-so casino accepts American Express, yet when I investigated closer I didn’t see any mention of it.
Im going to hand you over to our community because Im sure they will have some words of wisdom for you :-)
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