Tax Problem

King of Queens · Post by **King of Queens** » Mon Jan 10, 2005 3:53 pm

I'm going to start up a side business: Tax Solutions for Fantasy Winners.

Diesel, no soup for you!

Diesel · Post by **Diesel** » Mon Jan 10, 2005 3:54 pm

1 year, no soup for me. Fugghettabouttit. I'm still celebrating Festivus anyway. No soup during Festivus.

King of Queens · Post by **King of Queens** » Mon Jan 10, 2005 4:02 pm

That's okay, Diesel. You (and everyone else) kicked my ass in the auction league anyway. I enjoyed that event immensely. Best part was that I learned how important the RBs are in this league--led to me getting James, D.Davis and Martin in the main event the next afternoon. Thanks for the great tip, guys!

The only bad thing about the auction league is that I won't be able to use the entry fee as a write-off. Oh well...

See you next year.

Gordon Gekko · Post by **Gordon Gekko** » Mon Jan 10, 2005 4:04 pm

Originally posted by King of Queens:
The only bad thing about the auction league is that I won't be able to use the entry fee as a write-off. Oh well...
why not?

King of Queens · Post by **King of Queens** » Mon Jan 10, 2005 4:06 pm

2004 expense item for 2005 income? Think we can get away with this?

Dyv · Post by **Dyv** » Mon Jan 10, 2005 4:06 pm

It's going to be a can of worms regardless... I'm trying to figure out how I can rationalize to the IRS the fact I won the money in 2004, but got it in 2005, but wish to deduct my 2004 expenses... or if I should just deduct my 2005 expenses from it hoping they don't inquire as to whether those expenses were reasonably for the earnings that I received in 2005.

And then what if I earn more winnings in 2005 and lose my 2004 deductions when I could have at least argued them as constructive receipt for 2004 ?

Greg - if there's a constructive comment here it would be that it would be easier for most to figure out a way to GUARANTEE the checks will be postmarked 2004 if earned in 2004. The ability to offset expenses is quite important... and this puts us in some shade of gray that it probably doesn't need to...

Thanks for the thoughts here everyone,

Dave

Diesel · Post by **Diesel** » Mon Jan 10, 2005 4:06 pm

Originally posted by King of Queens:
That's okay, Diesel. You (and everyone else) kicked my ass in the auction league anyway. I enjoyed that event immensely. Best part was that I learned how important the RBs are in this league--led to me getting James, D.Davis and Martin in the main event the next afternoon. Thanks for the great tip, guys!

The only bad thing about the auction league is that I won't be able to use the entry fee as a write-off. Oh well...

See you next year. I'll be in again. I already signed up for the Draft Champions, and will sign up for the Auction next, probably in February...Then the NFFC by April...The Auction was a blast...The fascilitator made it what it was...I felt like I was buying stock on the floor of the stock exchange...lol

Dyv · Post by **Dyv** » Mon Jan 10, 2005 4:09 pm

Originally posted by King of Queens:
2004 expense item for 2005 income? Think we can get away with this? Personally, I don't see how, KoQ... but I'm going to try to use the posting of the fact I won a league (and the $5k) clearly dated in 2004 when I submit my taxes and see if the IRS buys my argument or ignores it enough

Don't see any point in wasting all those fine and reasonable deductions!

Dave

King of Queens · Post by **King of Queens** » Mon Jan 10, 2005 4:09 pm

Dyv, my recommendation would be to file an extension and report on 10/15/05 instead. Gives you a chance to see if baseball (and likely football as well) has been "bery bery good to you."

King of Queens · Post by **King of Queens** » Mon Jan 10, 2005 4:16 pm

Originally posted by Gordon Gekko:
quote:Originally posted by King of Queens:
At the very least, dating the checks in 2004 (even if they were mailed in 2005) would have eliminated this problem. wouldn't have mattered for me. i didn't receive the check in 2004. i ain't going to pay for tax year 2004....even if KP issues a 2004 1099-misc [/QUOTE]The "problem" I was referring to was Krause's little P&L issue.

Agree 100% on the personal tax issue.