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Tom Meaglia, ChFC®, AEP®,
CLU®, CRPC®, MSFS
Chartered Financial Consultant
Investment Advisor Representative
Chartered Retirement Planning Counselor
CA Insurance Lic. #0567507
Meaglia Financial Consulting
2105 Foothill Blvd., #B140, La Verne, CA 91750
Toll Free: 800-386-3700
Bus: 909-593-6105
Cell: 818-681-8600
Fax: 909-593-6120
Email: tom@meagliafinancialconsulting.com
Website: www.meagliafinancialconsulting.com
You just won money in bingo, a state lottery or a casino and the first thing you’re thinking about is how your windfall will be taxed. Okay, maybe that’s not the first thing, but you should know how your winnings are taxed because underpaying them could cost you.
If you itemize on your tax return, you may deduct gambling losses up to the amount of your winnings. You should also keep a record of winnings and losses, including dates, names and locations of where you won or lost, in case you need to back up your tax return numbers.
Professional gamblers have different rules.
To learn more about your own tax circumstances, talk to a qualified tax professional.
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Investment advisory services are offered through Fusion Capital Management, an SEC Registered Investment Advisor. The firm only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. SEC registration is not an endorsement of the firm by the commission and does not mean that the advisor has attained a specific level of skill or ability. All investment strategies have the potential for profit or loss.
Meaglia Financial Consulting and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
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