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IRS Looking?

Topic closed. 16 replies. Last post 3 years ago by mikeintexas.

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Erie, Pa Dallas Tx
United States
Member #588
August 23, 2002
1124 Posts
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Posted: November 22, 2013, 8:39 am - IP Logged

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?

"May the next number out be yours"

 Love #'s-417, 117, 820


 Pick

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    Milwaukee, WI
    United States
    Member #3131
    December 27, 2003
    665 Posts
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    Posted: November 22, 2013, 8:45 am - IP Logged

    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?

    Oh my they commin to git me. Oh no!!!! :-)

      helpmewin's avatar - dandy
      u$a
      United States
      Member #106665
      February 22, 2011
      19771 Posts
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      Posted: November 22, 2013, 9:02 am - IP Logged

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

      Let it Snow Snowman

        rcbbuckeye's avatar - Lottery-043.jpg
        Texas
        United States
        Member #55889
        October 23, 2007
        5592 Posts
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        Posted: November 22, 2013, 9:54 am - IP Logged

        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.

        CAN'T WIN IF YOU'RE NOT IN

        A DOLLAR AND A DREAM (OR $2)

          RJOh's avatar - chipmunk
          mid-Ohio
          United States
          Member #9
          March 24, 2001
          19825 Posts
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          Posted: November 22, 2013, 10:42 am - IP Logged

          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.

          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.

           * you don't need to buy more tickets, just buy a winning ticket * 
             
                       Evil Looking       

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            Erie, Pa Dallas Tx
            United States
            Member #588
            August 23, 2002
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            Posted: November 22, 2013, 11:24 am - IP Logged

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

            "May the next number out be yours"

             Love #'s-417, 117, 820


             Pick

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              Kentucky
              United States
              Member #32652
              February 14, 2006
              7302 Posts
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              Posted: November 22, 2013, 2:57 pm - IP Logged

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

              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 paying taxes on them is not deducting losses. I believe it's a trade off; we can keep all the small wins if we don't deduct gambling losses. Even if a multi-million jackpot winners claims gambling losses, I doubt it will put much of dent in the overall tax burden.

                Elizabeth03's avatar - cat anm.gif
                Nova Scotia
                Canada
                Member #9934
                December 27, 2004
                884 Posts
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                Posted: November 22, 2013, 3:12 pm - IP Logged

                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..

                  HoLeeKau's avatar - YheaShea
                  Idaho
                  United States
                  Member #94283
                  July 17, 2010
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                  Posted: November 22, 2013, 5:02 pm - IP Logged

                  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 paying taxes on them is not deducting losses. I believe it's a trade off; we can keep all the small wins if we don't deduct gambling losses. Even if a multi-million jackpot winners claims gambling losses, I doubt it will put much of dent in the overall tax burden.

                  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.

                    Teddi's avatar - Lottery-008.jpg

                    United States
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                    May 13, 2013
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                    Posted: November 22, 2013, 5:32 pm - IP Logged

                    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..

                    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.

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                      Kentucky
                      United States
                      Member #32652
                      February 14, 2006
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                      Posted: November 22, 2013, 7:38 pm - IP Logged

                      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.

                      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 play lottery games online in any state at $900 to $1 odds ought to more worried about the Justice Department monitoring this site.


                        United States
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                        July 25, 2012
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                        Posted: November 22, 2013, 9:56 pm - IP Logged

                        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?

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

                          RJOh's avatar - chipmunk
                          mid-Ohio
                          United States
                          Member #9
                          March 24, 2001
                          19825 Posts
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                          Posted: November 22, 2013, 10:52 pm - IP Logged

                          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 paying taxes on them is not deducting losses. I believe it's a trade off; we can keep all the small wins if we don't deduct gambling losses. Even if a multi-million jackpot winners claims gambling losses, I doubt it will put much of dent in the overall tax burden.

                          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.

                           * you don't need to buy more tickets, just buy a winning ticket * 
                             
                                       Evil Looking       

                            Slick Nick's avatar - Lottery-035.jpg
                            Rochester
                            United States
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                            January 1, 2011
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                            Posted: November 23, 2013, 5:18 am - IP Logged

                            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!Smash

                            Money is a terrible master, but a great servant...Smile

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                              United States
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                              July 24, 2010
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                              Posted: November 23, 2013, 6:35 am - IP Logged

                              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!Smash

                              Well said - Thumbs Up