Lottery winnings on tax return?

Reply #12

bobby623 — Thu, 25 Apr 2013 19:32:12 GMT

I believe the IRS says gamblers can deduct losses equal to the wins, provided they itemize and have proof of the losses.

I don't spend $2700 per year on gambling. Therefore, I would have to search the trash cans for losing scratch tickets!

Of course, that would be cheating.

Not worth the risk.

I'm happy with the larger share of a legitimate win.

Reply #11

PlayToWin47 — Thu, 25 Apr 2013 19:12:14 GMT

Like was already mentioned, it depends on your entire tax situation as to whether it is worth itemizing. If you normally do the short form, then most likely, with a $2700 win, you paid less in taxes by taking the standard deduction (unless there are credits and such on the short form that I don't know about, since I always do the long form). You have to look at all of your allowable deductions. Basically, if you have more allowable deductions than the standard deduction, it is worth itemizing.... [ More ]

Reply #10

RJOh — Thu, 25 Apr 2013 15:17:46 GMT

The bad thing about claiming gambling winnings as regular income your gambling lost along with other lost including interest on loans, other taxes and etc. has to exceed the standard deduction you get. If your business was gambling then you could claim it as a business lost.

Reply #9

noise-gate — Thu, 25 Apr 2013 03:24:29 GMT

I have been told that in Vegas, the IRS is on site in those Casinos to make sure that they get their cut from the big-time winners. If one is from abroad and wins a million at those one arm bandits, you not skipping town without paying your fair share of taxes.

Don't know if this is true or not.

Reply #8

whiteballz — Wed, 24 Apr 2013 23:55:19 GMT

that's the spirit. Just cause you're in prison doesn't mean you can't have shapely nails.

Reply #7

Artist77 — Wed, 24 Apr 2013 23:08:40 GMT

nooooo not at all! But I will bake you a cake with a file in it when we all visit you in prison.

Reply #6

billionaire2bee — Wed, 24 Apr 2013 22:44:43 GMT

You and me both brother

Reply #5

whiteballz — Wed, 24 Apr 2013 21:04:58 GMT

what winnings? I wish I had winnings to tax.

Reply #4

bobby623 — Wed, 24 Apr 2013 20:23:43 GMT

When I claimed my $2700 Daily 4 win here in Texas last year. I thought they would withhold taxes, but they didn't.

They gave me a copy of the tax form showing the win was reported to the IRS.

When I filled out my 2012 tax form, I had to use Form 1040 to report the win, rather than 1040A, which doesn't have a line for reporting gambling income.

The total was included as income and boosted my taxable income by that amount. I don't know how much extra tax I paid.

I should have kept $2,7... [ More ]

Reply #3

RJOh — Wed, 24 Apr 2013 18:40:59 GMT

In Ohio as in most states, any amount greater than $599 requires a claim form be filled out with your social security number and some form of I.D. which the states use to generate a W-G.

Reply #2

helpmewin — Wed, 24 Apr 2013 13:42:41 GMT

if you win BIG money that is recorded

i was going to say that

Reply #1

RJOh — Wed, 24 Apr 2013 13:32:06 GMT

You are suppose to claim all your winnings but I doubt if most players bother with it unless they win an amount large enough for their state to send them a W-G form.

Lottery winnings on tax return?

PipSqueek — Wed, 24 Apr 2013 11:13:16 GMT

Are you supposed to claim your winnings? Does this go into yearly income