Posted: 1/25/2009 11:43:38 PM
All depends on how you won the money.Some ways such as the track, lottery or Vegas, you fill out the forms first and pay upfront, other ways not. You only need to worry if you are audited. There is a box on the Federal Income Tax Form which asks if any of your earnings are through gambling. You have to watch some of these online sports books as I found out the hard way, they took my computer and had found my sports accounts. It was not a big deal for me though, as I had claimed my winnings, thus no problem, that is all they were concerned about, their cut...