SPLIQ....I heard an ad on XM243 over the weekend for YouBet, which now will provide you with every bet you have ever made,inluding winnings and losses, to use for your taxes. It also whows a history of your betting patterns so maybe you would look at it and do something different, if need be.
Nice to hear. Figured if needed I could get the information from them. They were the ones that sent out the W-2G forms. Thanks Mike
Quote Originally Posted by mikeyp1:
SPLIQ....I heard an ad on XM243 over the weekend for YouBet, which now will provide you with every bet you have ever made,inluding winnings and losses, to use for your taxes. It also whows a history of your betting patterns so maybe you would look at it and do something different, if need be.
Nice to hear. Figured if needed I could get the information from them. They were the ones that sent out the W-2G forms. Thanks Mike
I went to my accountant today, and he told me not to worry at all about the gambling earnings. I had 10 W-2G forms from last year for over 14K in winnings, but he wrote it all off (I do have losers in excess of that amount). He said that this would not be a red flag at all to the IRS. He said that when they see large winnings, they assume large losses, because that is the nature of gamblers. He also said that the goverment doesn't mind people playing horses and lotto, because they take a healthy bite out of all that money anyway.
And FYI, I am getting a $2 refund from NJ.
I went to my accountant today, and he told me not to worry at all about the gambling earnings. I had 10 W-2G forms from last year for over 14K in winnings, but he wrote it all off (I do have losers in excess of that amount). He said that this would not be a red flag at all to the IRS. He said that when they see large winnings, they assume large losses, because that is the nature of gamblers. He also said that the goverment doesn't mind people playing horses and lotto, because they take a healthy bite out of all that money anyway.
Yeah to be honest Danno I think they are looking for big winners or people who hide money in offshore accounts. I think unless you hit a huge pick six or something they will leave the little fishes alone. And spend that $2 wisely my friend. Try and save some.
Yeah to be honest Danno I think they are looking for big winners or people who hide money in offshore accounts. I think unless you hit a huge pick six or something they will leave the little fishes alone. And spend that $2 wisely my friend. Try and save some.
How does anyone find out? Ive hit big multiple times over the past 4 years or so and they just pay me the cash then i bounce. I never deposit that money into any of my accounts
How does anyone find out? Ive hit big multiple times over the past 4 years or so and they just pay me the cash then i bounce. I never deposit that money into any of my accounts
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