Give us ur records :)

Reply #28

joker17 — Thu, 02 Jul 2009 04:25:07 GMT

I find no obscurity with the term All gambling wins must be reported and is taxable . This is in the link I provided.

If by chance you receive an audit, just tell them you didn't report the winnings because you believed the codes were just too confusing.....lol

Good luck

Reply #27

TheGameGrl — Thu, 02 Jul 2009 04:06:49 GMT

I beleive people have the right to incorrectly twist the verbage and FULL content in which the IRS writes rules. Section 4 can say one thing then refer you over to section 17 that says, nope if you fall under this circumstance then write zero in line 4. Sorry but the IRS is notarious for sending folks on the wildest goose chases. Just as you can find a particular area that says one thing, three pages later it can correct itself and tell you it doesnt qualify based on certain critereas....

And... [ More ]

Reply #26

lotterybraker — Thu, 02 Jul 2009 04:06:33 GMT

this was an interesting Read for sure..I didnt know the banking transactions were reported to the IRS or the FBI...I will remember that one for sure...hahaha

Reply #25

joker17 — Thu, 02 Jul 2009 02:37:27 GMT

I won 2,000 once years ago and I cashed them in Publix also without paying taxes. But that doesn't mean that you don't have to report it as income. I already showed in this thread a link to the IRS page where it says all gambling wins are to be reported and are taxable.

If you choose to believe what you want to believe then that's your right.

Reply #24

TheGameGrl — Thu, 02 Jul 2009 00:55:05 GMT

one of the forms I am aware of at one of Pa's racetracks uses a 1099 to be filed. The racetrack has a regulation that they are obligated to retain the 25% taxation and file it with your information( if the win is 2500 or above). At the end of each year you receive a win/loss sheet if you want and then when filing tax it can be given back as a refund (if you calculated correctly and had enough write offs...). I personally won 2500$ at the racetrack and they took the difference there and then. I d... [ More ]

Reply #23

Broulir32 — Wed, 01 Jul 2009 14:34:22 GMT

snip

Todd yes u were right its $3k not 3000k i wish do :)

Joker i get what u saying,but any winnings under $600 you do not have to mention on your taxes at least in florida 100% sure on that,i hit straight on 6 tickets and i cash them in 3 different Publix's (its a store) and i did not to trying to cheat anybody but simply becouse gas station dont carry not even $500.

Back to tax thing when i win sometime on the race track (horses) and its under $600 i never pay tax for that and a... [ More ]

Reply #22

swampfox — Tue, 30 Jun 2009 21:53:34 GMT

I think what happened is ....Say my example......

Won $1500.....Go to collect....State takes their share.....It's up to indivdual to pay the IRS with a certain form. When I won $900 and $600 earlier this year, my accountant stated that if you can show you spent money to get it, then that is included as an investment to make that money. So.....I keep all my losers...

That's what he told me, but if I get lucky again, I'm going to pay Mr. IRS what meets calculations....I mean he's spending wh... [ More ]

Reply #21

joker17 — Tue, 30 Jun 2009 21:35:56 GMT

Yup, a Mega win will be nice. I definitely don't mind paying the tax on that one...lol

The 5,000 rule you mentioned earlier applies to certain gambling facilities. Let's say you won 4 grand at the horse tracks, I believe you have the option to pay the taxes right there, or opt for the full 4 grand and they will give you some paperwork for their records and send a copy to the IRS. Any win over 5 grand, and they automatically issue a W-whatever...lol W-2? I forget.

Reply #20

JJ928 — Tue, 30 Jun 2009 21:28:43 GMT

Yea, Iwish I had that problem,

wining more than $600

Hey but you never know I got my numbers in for the mega millions tonight

Reply #19

joker17 — Tue, 30 Jun 2009 21:22:25 GMT

One of the reasons they state the 599 or lower rule is because they have to draw the line somewhere. They don't have the man power to investigate every person so they make reasonable sacrafices.

Reply #18

joker17 — Tue, 30 Jun 2009 21:19:51 GMT

Gambling winnings

Gambling winnings are fully taxable and must be reported on Form 1040.

Gambling income includes, among other things, winnings fromlotteries, raffles, horse races, poker tournaments and casinos. Itincludes cash winnings as well as the fair market value of prizes suchas cars and trips.

Reply #17

joker17 — Tue, 30 Jun 2009 21:17:01 GMT

That may be true, however it falls under Other income , and has to be reported.

Considering that 90 percent of people who play the lottery have jobs, they most certainly fall in the category of making enough where they have to report their job's income, thus having to report a win anyways. The total would exceed that line.

Reply #16

joker17 — Tue, 30 Jun 2009 21:11:20 GMT

The following is an excerpt from the IRS site. The link is below.

The excerpt can be found at the very bottom of the page.

For example, both a $500 cash prize and the fair market value of a newrange won in a baking contest must be reported as other income on Form1040, Line 21.

http://www.irs.gov/newsroom/article/0,,id=175963,00.html

Reply #15

JJ928 — Tue, 30 Jun 2009 21:10:42 GMT

Yes, but if you only made $50 in a year you would fall well below the minimum required to file a return

Reply #14

joker17 — Tue, 30 Jun 2009 21:00:55 GMT

Ok then, I'll just have to copy and paste the exact law from the IRS code here. I had this argument with a friend a while back and I too believed I didn't have to pay taxes, but he proved me wrong when he showed me the law.

Even if you babysit only once in one year's time and made 50 bucks, it's taxable. All income is taxable.

I'll bet you any amount. That's how confident I am. I saw it with my own two eyes from the IRS site.

I'll find it and show you here.... [ More ]

Reply #13

JJ928 — Tue, 30 Jun 2009 20:31:02 GMT

Correct me if I'm wrong but I think its the FBI and not the IRS

Reply #12

tiggs95 — Tue, 30 Jun 2009 20:29:13 GMT

Joker17 you are wrong..The law says if you hit 600.00 on a 1.00 ticket you are NOT required to pay any taxes on it..Call them if you don't believe me..You are not breaking any law by not paying taxes at that amount..

Reply #11

JJ928 — Tue, 30 Jun 2009 20:25:24 GMT

I believe thats actually $5,000 and that would also include any transaction,i.e. deposits, withdrawls ,transfers, whatever

Reply #10

joker17 — Tue, 30 Jun 2009 20:10:58 GMT

Just because they don't take taxes out, you are still obligated to pay on your winnings. Of course we all know that most don't bother because the IRS can't keep track of the tickets which were cashed in as single tickets. Each under 600 bucks.

All income is taxable.

Just remember, if by any chance you win more than 10,000 under the radar, DO NOT deposit it in your bank. The bank is required by law to inform the IRS whenever an amount of 10 grand or more is deposited at one time.... [ More ]

Reply #9

Todd — Tue, 30 Jun 2009 19:45:37 GMT

Do you realize that $3000K is the same thing as saying $3 million? ($1K = $1,000) I think you mean either $3K or $3,000.

Reply #8

tiggs95 — Tue, 30 Jun 2009 19:45:36 GMT

PS...That's you can win up to 600.00 on a 1.00 ticket and not have to pay taxes..

Reply #7

tiggs95 — Tue, 30 Jun 2009 19:41:20 GMT

You can win up to 600.00 without paying any taxes..So you can play as much or more then 1000,000.00 on a straight ticket and not have to pay taxes..That's what the first poster was trying to say..

Reply #6

Raven62 — Tue, 30 Jun 2009 15:00:35 GMT

LOL: IRS Agents are Everywhere...

Reply #5

rcbbuckeye — Tue, 30 Jun 2009 14:43:55 GMT

Probably played 6 - $1 tics straight. They don't take out taxes when you collect on a $500 win. At least in Tx. I used to play that way when I was heavy into P3.

Reply #4

bigguy5 — Tue, 30 Jun 2009 14:17:20 GMT

madmike51 don,t listen to guys like that, what he don,t no he need keep

this kind of talk off the pc, you no what i mean, you never no who looking, an listen,

Reply #3

MaddMike51 — Tue, 30 Jun 2009 14:11:09 GMT

What state pays you 3000k without taking taxes out of it

Reply #2

Lynn1974 — Tue, 30 Jun 2009 13:54:24 GMT

I see you are on top of things thats good.

Reply #1

bigguy5 — Tue, 30 Jun 2009 13:49:47 GMT

this is not trying to make more money than anybody else, what is working for you keep on doing it , that the promblem , we need to help each other, not try to out do each other, more power to, you,

Give us ur records :)

Broulir32 — Tue, 30 Jun 2009 13:11:54 GMT

Ok guys just like title said can u show as ur stats.??

What i mean is what is ur track record for winning , ur biggest score and bigest lost in pick3 and pick4 ,

me personaly the biggest hit was about 4 moths ago on pick 3 $6 straight 3000k collected tax free :) the biggest loss at onece $20.

Dont be shy and share :) Have a nice day guys and pretty ladies.