Tax Girl

Why not give a little and get a deduction? It’s near the end of the year and it’s the holiday season. If you think you’ll be itemizing for 2005 then it might be nice to give to a local charity or do some cleaning around the house and donate to goodwill to get a little extra deduction on your Schedule A. If you donate money, it’s good to use a check so that you have a record of your donation. If you donate clothes and stuff to goodwill, they usually give you a receipt that estimates the fair market value, which you would use as your deduction. If you donate more than $250 you will need a statement from the organization detailing the amount you donated and whether you received anything in return.

So I recently took a trip to Las Vegas. I LOVE that place. I’m in my early twenties and I’ve already been there 5 times. Twice this year. I’ve done pretty well…I think I’m up in the long run. I don’t really go all out though. My games are craps and blackjack and I keep my bankroll to about a couple hundred dollars. And I stick to it. No more, no less. It’s all about moderation baby.

On this recent trip I made a few hundred bucks. Not bad. But as always, I was thinking, do I have to report this income? My answer is no. I think you can fly under the radar if you just go to Vegas and play a little for fun. Now if you’re a high roller and you win the big bucks(like in the thousands) or you hit the jackpot, then the lovely casinos will probably track your winnings. I’m not sure if they automatically send you a letter detailing your winnings or not, so it might be up to you to request one.

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