All Things Sports Taxes Thread

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We already have a Koi Perich thread about taxes....what we really need is a thread on this site about Indiana or Coach Cignetti....can't believe nobody has started a thread about that.
 

MNVCGUY said:
We already have a Koi Perich thread about taxes....what we really need is a thread on this site about Indiana or Coach Cignetti....can't believe nobody has started a thread about that.
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According to AI (which gave me pictures of naked CPAs), Indiana state income tax is levied on a flat rate of 3% for taxes payable in 2025. However, counties also levy income taxes so Cignetti would be on the hook for those as well. Of course, It would depend on if he hasn't moved his tax residency over from Virginia.
 
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No matter what go with Roth IRAs...if this even exists 10 years from now let alone 50...
 


This should probably have its' own thread but just a reminder:
All gambling winnings are fully taxable by the IRS and must be reported on your federal income tax return. Gambling losses can be deducted, but specific rules apply depending on whether you are a casual or professional gambler and the current tax year.
 

60's Guy said:
This should probably have its' own thread but just a reminder:
All gambling winnings are fully taxable by the IRS and must be reported on your federal income tax return. Gambling losses can be deducted, but specific rules apply depending on whether you are a casual or professional gambler and the current tax year.
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Ummm.... you ask Rayjay to give you a tax form for the craps we've been shooting in the alley. :LOL:
 



And people dog pile engineers. As I tell my financially-oriented siblings, accountants are just numbers people who sucked at applied science and mechanics. They can calculate asset depreciation of a table saw down to the nickel, but you sure as hell don't want to let them use it unsupervised. :ROFLMAO:
 


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