Can One Make Any Money After Getting Iu?

[griffcher]

Can I make any money if I am on IU?

[MikeR]

John,

I think you bring up a somewhat valid point. And I imagine some people outside the system would not think too highly of the idea. But most people outside the system don't understand the system anyway. They would have trouble discerning which vets were getting compensated for SC conditions and which vets were getting compensated for being unable to work.

So would you suggest that vets who were drawing a certain amount of compensation because of the SC conditions quit working so that people on the outside of the VA wouldn't look at them badly? What level of SC disability should a Vet be allowed to draw and still remain employed?

I know that it would irk me.

[jerrbilly]

Schedular (non-mental) is different than IU in that you can still work. If I have lost an arm and a leg and i'm 100% schedular I can work all I want. The key word here is schedular.

IU is defined differently. IU is not a schedular rating, it's only for those that aren't 100% schedular that are considered unemployable.

Jerr

John,

I think you bring up a somewhat valid point. And I imagine some people outside the system would not think too highly of the idea. But most people outside the system don't understand the system anyway. They would have trouble discerning which vets were getting compensated for SC conditions and which vets were getting compensated for being unable to work.

So would you suggest that vets who were drawing a certain amount of compensation because of the SC conditions quit working so that people on the outside of the VA wouldn't look at them badly? What level of SC disability should a Vet be allowed to draw and still remain employed?

Edited December 28, 2009 by jerrbilly

[halos2]

Free, Wanted to clarify something you wrote on 12/27/07 @ 3:08a.m...."The peple that just gamble for fun(ie hobby) can only deduct their losses."

Not true...IRS Sections 165 (d) 165.10 (Thanks for posting the IRS site) and so listed there basically state: ...provides that losses from wagering transactions are allowed as deductions only to the extent of the gains from such transactions. I know this all too well.

I self "medicated" with gambling as a form of compensating with my problems...my win/loss statment arrived and I tried to claim all losses on Income Taxes, NOPE doesn't work that way, according to regs can only deduct losses that are equaled to the winnings and no more.

Like the first year, I won over 8k but lost over 15k I could only offset the 8k lost to = the 8k won. I am out the rest.(7k) Had I won 8k and lost 0% I would have been taxed on the 8k. The losses are yours. No claiming, no deductions, just stupid giveaways. Too bad it took me and my spouse over 6 yrs to figure this out...gambling is another powerful addiction.

Each yr got progressively worse on the losses too. Some people smoke, drink and I had no vices till I went to a casino, then gambling was my form of escapism from my pain/depression/problems/claims woes,etc...That compounded my problems trifold.

job...stopped going to VA...got d/c... then 5 yrs later job did not pan out and he has been trying to refile since then to get back the 100% scd he once was.

If I am incorrect reading this then it's my bag. But I will go back again and see if that is not posted as thought

Edited December 28, 2009 by halos2

[jerrbilly]

This is true for gambling but for investments you can claim up to $3000 in losses annually. I know this first hand. Too bad my losses were way over $3000 last year.

jerr

Free, Wanted to clarify something you wrote on 12/27/07 @ 3:08a.m...."The peple that just gamble for fun(ie hobby) can only deduct their losses."

Not true...IRS Sections 165 (d) 165.10 (Thanks for posting the IRS site) and so listed there basically state: ...provides that losses from wagering transactions are allowed as deductions only to the extent of the gains from such transactions. I know this all too well.

I self "medicated" with gambling as a form of compensating with my problems...my win/loss statment arrived and I tried to claim all losses on Income Taxes, NOPE doesn't work that way, according to regs can only deduct losses that are equaled to the winnings and no more.

Like the first year, I won over 8k but lost over 15k I could only offset the 8k lost to = the 8k won. I am out the rest.(7k) Had I won 8k and lost 0% I would have been taxed on the 8k. The losses are yours. No claiming, no deductions, just stupid giveaways. Too bad it took me and my spouse over 6 yrs to figure this out...gambling is another powerful addiction.

Each yr got progressively worse on the losses too. Some people smoke, drink and I had no vices till I went to a casino, then gambling was my form of escapism from my pain/depression/problems/claims woes,etc...That compounded my problems trifold.

job...stopped going to VA...got d/c... then 5 yrs later job did not pan out and he has been trying to refile since then to get back the 100% scd he once was.

If I am incorrect reading this then it's my bag. But I will go back again and see if that is not posted as thought

[free_spirit_etc]

Free, Wanted to clarify something you wrote on 12/27/07 @ 3:08a.m...."The peple that just gamble for fun(ie hobby) can only deduct their losses."

Not true...IRS Sections 165 (d) 165.10 (Thanks for posting the IRS site) and so listed there basically state: ...provides that losses from wagering transactions are allowed as deductions only to the extent of the gains from such transactions. I know this all too well.

I self "medicated" with gambling as a form of compensating with my problems...my win/loss statment arrived and I tried to claim all losses on Income Taxes, NOPE doesn't work that way, according to regs can only deduct losses that are equaled to the winnings and no more.

Like the first year, I won over 8k but lost over 15k I could only offset the 8k lost to = the 8k won. I am out the rest.(7k) Had I won 8k and lost 0% I would have been taxed on the 8k. The losses are yours. No claiming, no deductions, just stupid giveaways. Too bad it took me and my spouse over 6 yrs to figure this out...gambling is another powerful addiction.

Each yr got progressively worse on the losses too. Some people smoke, drink and I had no vices till I went to a casino, then gambling was my form of escapism from my pain/depression/problems/claims woes,etc...That compounded my problems trifold.

job...stopped going to VA...got d/c... then 5 yrs later job did not pan out and he has been trying to refile since then to get back the 100% scd he once was.

If I am incorrect reading this then it's my bag. But I will go back again and see if that is not posted as thought

Halos,

You bring up a very valid point. Actually what I said about people who gamble for a hobby being able to only deduct their losses is true. I just did not explain it fully. I was mostly comparing gambling as a hobby with gambling as a profession - and the only thing those who gamble for a hobby are allowed to deduct is their losses, whereas those who gamble for a profession are allowed to deduct other things as a business expenses. I am sorry if it appeared that I was indicating that gamblers can deduct all of their losses. That was not my intent. Of course, as you stated, they are only allowed to deduct losses to offset what they won. Any loss above their winnings is not deductible. However, professional gamblers can deduct ANY gambling related expense as a business expense.

My main intent was not to give an IRS lesson on gambling. My main intent was to indicate that is not always safe to assume that gambling income is always considered unearned income. The VA or SSA would sometimes be able to come in and say if you are capable of gambling that much you are capable of working. And if the facts of your case are such that the VA or SSA determined that you met the IRS standards for a professional gambler, they could say you already were working.

And as you state - yes, gambling can sometimes become a very powerful addiction.

Free

[free_spirit_etc]

This is true for gambling but for investments you can claim up to $3000 in losses annually. I know this first hand. Too bad my losses were way over $3000 last year.

jerr

Yep. Last year was NOT a good year for investments. :(

I invested in food - I figured it would hold it's value. :) (I didn't buy stocks in food companies. I bought food!)