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Tax Forms And Lottery (Gambling)!

Topic closed. 16 replies. Last post 8 years ago by four4me.

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Eden Prairie, MN
United States
Member #49875
February 18, 2007
63 Posts
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Posted: January 27, 2009, 7:58 pm - IP Logged

Is there an upside if I did report $15 in winning?  Current Status:Spent $41,but won $15!

    four4me's avatar - gate1
    MD
    United States
    Member #1701
    June 18, 2003
    8395 Posts
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    Posted: January 27, 2009, 9:52 pm - IP Logged

    Which part of    gambling   winnings    are     taxable     don't you understand? You've clearly got an internet connection, and that and a room temperature IQ makes it incredibly easy to get the info directly from the IRS. If you can't be bothered to educate yourself, perhaps you could at least stop misinforming others.

    Well i see you are back with your witticism's. I have cashed many a ticket for under 600 and less and quite a few for more than 600 i know my legal rights in regards to cashing tickets apparently you do not.

    If you feel obligated to tell the IRS you won amounts under 600 be my guest.

    I only report income be it earned or otherwise thats connected to paperwork i received in regards to money that was exchanged between me and the other party/parties.

    If i win 600 dollars tonight i will cash the ticket put the money in my pocket and nobody except me and the person who cashed the ticket will know. The person who cashed the ticket won't care about me or my money as there is no tax form i have to sign. That 600 dollars is mine free and clear with no strings attached. The IRS man won't care because he doesn't know it was me that cashed the ticket. he didn't require me to sign any paperwork to the effect.

    I am not a professional gambler i have no need to notify the IRS of my 600 dollar or less wins. My tax preparer would laugh in my face if i told him i won 600 dollars and would like to claim it as unearned income.

    Now if i won above 600 dollars and had 1099 form that i filled out that's a different story then i would report it as i am obligated too.

    Big John says. You don't hit the number. The number hits you!!!!

                   I'm not Big John, I'm Four4me, Big John's a friend.