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[QUOTE="SyKoChiller, post: 2136718, member: 93873"]
Pretty sure you would have to file (1099) itemized. But you can also claim all your loses as deductions. Not totally sure about which form you would file though, so it would be best to consult with an accountant. I would love to see some solid numbers on how many times the government taxes each dollar of income generated. I'd bet its somewhere at least around 5$ for every dollar & way more counting indirect taxes like insurance and other mandatory "luxuries". If your not self employed its already been taxed at least 2x by the time you get your check, they tax your companies income which they use to pay you, they taxed your companies suppliers, then they tax you for that same income they already taxed your employer for. If you hire a lawn care service or maid service your already 2x taxed income is taxed again. And don't forget all the special taxes like the gas tax, sales tax, property tax, school tax, vehicle tax, library tax, cigarette & alcohol tax, inheritance tax, capitol gains tax, 911 service tax, cell phone tax, value added tax, luxury tax, gas guzzler tax..... on & on & on. Scratch the 5-1 ratio, its probably more like 20-1 or at least 10-1. I imagine it to be a spiral spinning outward with a single dollar in the center and all the taxes placed on its use spinning out. We are all slaves today considering the Federal Reserve (As Federal as Federal Express BTW) charges the Government interest on every dollar they magically print.
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