winning & taxes

Forum: Gaming Industry - US
Author: [Gaming Industry - US] Topic: winning & taxes
steve2412 PM steve2412
Joined: Feb 2013
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Posted: 2/14/2013 1:45:55 PM
so im new to gambling, got beginners luck hit a parlay and up 8500.

how does this work with taxes
steve2412 PM steve2412
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Posted: 2/14/2013 2:36:13 PM
thanks for all your help muffinman your truely the best -_-
pjrez PM pjrez
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Posted: 2/14/2013 2:47:14 PM
Send the IRS a check for 4500
nick69 PM nick69
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Posted: 2/14/2013 4:54:56 PM
If it isn't on a W-2 or a 1099, it isn't income.
Bling PM Bling
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Posted: 2/14/2013 11:06:37 PM
QUOTE Originally Posted by nick69:

If it isn't on a W-2 or a 1099, it isn't income.
This advise will land you in jail
Bballmaster PM Bballmaster
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Posted: 2/19/2013 3:07:30 AM
I would also appreciate advice on this matter if possible. Thanks in advance!
ShadowWarrior PM ShadowWarrior
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Posted: 2/19/2013 5:36:47 PM
If it is in cash, do not report it.  If it is in check, then you will need to declare as income.
Forum: Gaming Industry - US
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