State Taxes????

Forum: Streak Survivor
Author: [Streak Survivor] Topic: State Taxes????
BboyBrich PM BboyBrich
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Posted: 12/22/2008 1:47:08 AM
Can anyone tell me when i should let the gov know when i win some cash money......Do i just write it on my taxes or what?
Tuppy PM Tuppy
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Posted: 12/22/2008 8:32:11 AM
where are you from
 
BboyBrich PM BboyBrich
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Posted: 12/22/2008 10:35:47 AM
New York City
custom2006 PM custom2006
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Posted: 1/25/2009 6:59:42 PM
Am I right in my thinking....If someone does not turn in a form 1099 on you to the IRS, which basically releases them from owing that money in the form of a write off to the IRS...how can they prove that you received any money? Through a record of bank deposit? Then, I guess you would be OK unless you were to get audited?
snuke PM snuke
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Posted: 1/25/2009 8:42:58 PM
QUOTE Originally Posted by custom2006:

Am I right in my thinking....If someone does not turn in a form 1099 on you to the IRS, which basically releases them from owing that money in the form of a write off to the IRS...how can they prove that you received any money? Through a record of bank deposit? Then, I guess you would be OK unless you were to get audited?


Good point. 
If I say the money was a gift from family, how can they prove it was money earned instead?
I never took tax law in law school.  Probably a mistake.


pjlvio PM pjlvio
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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...
KarenG1111 PM KarenG1111
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Posted: 1/28/2009 11:24:15 AM
$10,000 is pennies when talking about this stuff.

$100,000 is a different story.
playaplaya PM playaplaya
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Posted: 1/31/2009 2:06:49 AM
if they don't have your social security number they can't tax you! simple as that.
dracula476 PM dracula476
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Posted: 2/13/2009 11:25:07 PM
If you lived in Canada you wouldn't have to worry about taxes.  Winnings from gambling are tax-free
Tuppy PM Tuppy
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Posted: 2/14/2009 10:57:41 PM
damn right
snuke PM snuke
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Posted: 2/15/2009 2:48:45 PM
QUOTE Originally Posted by Tuppy:

damn right


First hand knowledge right there!
Hummingbird PM Hummingbird
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Posted: 3/12/2009 6:40:36 PM
Here's a thought " Win the money then worry about taxes"
VinMan86 PM VinMan86
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Posted: 3/13/2009 8:25:59 AM
QUOTE Originally Posted by BboyBrich:

Can anyone tell me when i should let the gov know when i win some cash money......Do i just write it on my taxes or what?
Dah This is the bus that goes to school. Anybody wanna get on?
VinMan86 PM VinMan86
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Posted: 3/13/2009 8:30:09 AM
Or should I just call you well I won't do that after all I do try to help people
l3igTimel3alla PM l3igTimel3alla
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Posted: 3/13/2009 10:12:34 PM
yeah
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