Posted:
#1
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?
State Taxes????
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Posts: 15
Posted:
#4
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?
Posted:
#5
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.
Posted:
#6
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...
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