IRS Looking?

Reply #16

mikeintexas — Sat, 23 Nov 2013 16:08:40 GMT

It's been said you can't squeeze blood out of a turnip.

The IRS can take your turnip, though.

Reply #15

Slick Nick — Sat, 23 Nov 2013 12:02:11 GMT

Thank you Kapla. Have a great day

Reply #14

kapla — Sat, 23 Nov 2013 11:35:38 GMT

Well said

Reply #13

Slick Nick — Sat, 23 Nov 2013 10:18:42 GMT

If you win 600 or less here in New York, they don't bother you. If you win a big jackpot then they will know right away. My advice is be thankful for your winnings, pay your taxes, and move on with your life. Your suppose to enjoy your winnings, not be running and fighting about it

Reply #12

RJOh — Sat, 23 Nov 2013 03:52:00 GMT

In the U.S., regular lottery players unlike professional gamblers can only deduct losses up to the amounts they won which has to exceed the regular $4500 deduction for losses that everyone gets before it really counts. All reported lottery winnings are treated like regular income and are taxed as such. If someone is not paying taxes on their lottery winnings it's because they aren't reporting it.

Reply #11

billionaire2bee — Sat, 23 Nov 2013 02:56:06 GMT

Why is everybody so scared of the IRS?? Unless youre Tony Montana or Bernie Madoff I think youre in the clear

Reply #10

Stack47 — Sat, 23 Nov 2013 00:38:50 GMT

The IRS won't throw anyone in jail for not reporting winning a free ticket playing a scratch-off or $1 straight pick-3 win. The state lotteries are bound by federal tax codes and they don't give the free ticket and $600 winners W-2Gs.

The question here is not about good or bad tax advice, but is the IRS monitoring this site. It's possible, but it looks like most of the people here play jackpot games and not the games where it's possible win thousands tax free.

IMO those claiming they can... [ More ]

Reply #9

Teddi — Fri, 22 Nov 2013 22:32:32 GMT

That would be true if they didn't expect the taxes to be paid on winnings. They consider it their business as that point. It's essentially free money to them, they will never give that up.

But then again, it's really not that much different from businesses that monitor employees' FaceBook pages, actually, that might actually be worse.

Reply #8

HoLeeKau — Fri, 22 Nov 2013 22:02:50 GMT

Please don't take tax advice from a stranger on the internet. Unless you're looking for 3 hots and a cot. Then go right ahead.

Reply #7

Elizabeth03 — Fri, 22 Nov 2013 20:12:29 GMT

I really don't think that it should be any of the IRS's business if a person win's any amount;

The government want's to know too much about a person's personal affair's as far as I am concerned!

If a person win's the lottery that is their business and not the government's whatsoever..

Reply #6

Stack47 — Fri, 22 Nov 2013 19:57:31 GMT

You're not taxed on winnings of $5000 and under, but if it's over $600, you'll get a W-2G. If you decide to deduct your gambling losses (up to the amount you won), you may have to keep a record of all your wins and losses like a professional gambler. It's sounds easy enough to get a shoe box full of $10,000 worth of losing tickets, but then the IRS will want to see records for all your $1 winning tickets too.

I believe the difference between not claiming the $600 and under winning tickets and... [ More ]

Reply #5

Pick — Fri, 22 Nov 2013 16:24:43 GMT

I'm refering to games like Pick 3 where you can win large amounts with tickets of $1.00 where your not taxed.

Reply #4

RJOh — Fri, 22 Nov 2013 15:42:43 GMT

The states also send you a W-G form in January to file with your taxes so you won't forget to pay the remaining taxes on your wins.

Reply #3

rcbbuckeye — Fri, 22 Nov 2013 14:54:11 GMT

The IRS doesn't have to bother Todd. When you claim $600 or more that gets reported to the IRS. If you claim anything over $5000, the lottery office deducts 25%, (plus any applicable state tax), and it gets reported to the IRS.

Reply #2

helpmewin — Fri, 22 Nov 2013 14:02:26 GMT

Note sure about other states but whenever i win BIG they take taxes out at the Lottery office.

Reply #1

markp1950 — Fri, 22 Nov 2013 13:45:13 GMT

Oh my they commin to git me. Oh no

IRS Looking?

Pick — Fri, 22 Nov 2013 13:39:20 GMT

Hey Todd,

Now that the IRS is supposedly looking at social mecia sites for people that are bragging about what they bought or got, and checking that against their income. How would you handle it if they came to you and asked for a members info that was bragging about their big lottery wins