1028 Wealth Management Associates

10/10/2025

10/10/2025

Broke even on PrizePicks? IRS says you STILL owe 👀

10/10/2025

Sports betting and PrizePicks wins are fun… until tax time. The IRS sees every dollar you win as taxable. But here’s the kicker:
👉🏾 You can deduct losses, but only up to the amount you win.
👉🏾 Starting in 2026, losses are capped at 90% of winnings — which means you could owe taxes even if you broke even.

Example: You win $5,000 and lose $5,000. Old rules = even. New rules = IRS says you owe tax on $500.

💡 Bottom line: Keep a log of every bet, win, and loss. And plan ahead — the ‘phantom income’ rule is coming.

LET'S CHAT ABOUT PROTECTING YOUR POCKETS ASAP!
https://clientportal.1028wma.com/schedule/6622b09d429f2e0025db5fd9

10/09/2025

Every gig, every tip = TAXABLE. IRS doesn’t care if you got paid in cash 🎶💸

10/09/2025

Musicians, DJs, and performers — every gig, tip, and booking counts as income. And most of the time, you’ll get a 1099-NEC (not a W-2). That means:
👉🏾No taxes are taken out up front.
👉🏾 You’ll owe both income tax AND self-employment tax at the end of the year.

But here’s the good news: you can deduct lots of expenses. Things like equipment, studio time, travel, costumes, and even part of your phone bill (if used for gigs).

💡 Bottom line: If you’re performing for pay, set some cash aside for taxes, and keep every receipt. Gigs = business income.

LET'S CHAT ABOUT BEATING IRS BILLS ASAP!
https://clientportal.1028wma.com/schedule/6622b09d429f2e0025db5fd9

10/08/2025

Rent less than 15 days a year = TAX FREE 🏠💸 (most hosts don’t know this)

10/08/2025

Running an Airbnb? The IRS doesn’t see it as ‘extra pocket money.’ It’s rental income, which means it’s taxable. But the rules depend on how you run it:
👉🏾 Rent it fewer than 15 days a year? No tax.
👉🏾 Rent it more often? You owe taxes — but you can also deduct stuff like cleaning fees, supplies, and even part of your mortgage or rent.
👉🏾 If you provide ‘hotel-like’ services (like daily cleaning or breakfast), the IRS may say it’s a business, not just a rental. That means self-employment tax could kick in.

💡 Bottom line: Keep good records of how many days you rent and your expenses. Airbnb money = taxable, but smart tracking means big deductions.

LET'S CHAT ABOUT YOUR RENTAL PROPERTY PLAYS!
https://clientportal.1028wma.com/schedule/6622b09d429f2e0025db5fd9

10/07/2025

Crypto isn’t invisible. IRS is watching the blockchain 👀

10/07/2025

Crypto isn’t play money in the eyes of the IRS. Every time you sell, trade, or spend it — it’s a taxable event. That means:
👉🏾 Bought Bitcoin at $1000, sold at $2000? That $1000 gain is taxable.
👉🏾 Traded Ethereum for Solana? Yep, taxable too.
👉🏾 Even spending crypto at Starbucks counts as selling it!

And exchanges are now sending the IRS 1099 forms (just like your job does with a W-2). That means Uncle Sam already knows.

💡 Bottom line: Keep track of what you paid vs what you sold for. Crypto gains = taxable income, even if you never cashed back into dollars.