What about paying taxes at the end of the year?

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Last post made 14 years ago by ethereal
LHofsdal
  • Started by
  • LHofsdal
  • United States Sr. Member 399
  • last active 11 months ago

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  • LHofsdal
    • Started by
    • LHofsdal
    • at Nov 30, 09, 05:25:29 PM
    • United States Sr. Member 399
    • last active 11 months ago

    Hello Gang,

    I have a question, do you have to claim your winnings on your taxes at the end of the year? Do the online casino's report your wins? I know people who play bingo on line and have won but did not claim it on their taxes so they say. 

    Just kind of curious.

    Thanks.
    LH

  • genenco
    • Replied by
    • genenco
    • at Nov 30, 09, 06:41:51 PM
    • United States Mighty! Member 3032
    • last active 5 years ago

    Hmmmm...well, first of all you jave got to win enough (Chuckle)

    But when the laws change, this will be one thing the onlines will be "Expected" to do for our beloved Govy collectors.

    I frankly wouldn't mind then telling the govt and myself "here's what you spent/lost/won and the profit ior loss.

    That way you have proof of the expenses.

  • BIGLEAN
    • Replied by
    • BIGLEAN
    • at Nov 30, 09, 07:29:04 PM
    • United States Super Hero 1458
    • last active 4 years ago

    Thanks for this post from:


    Hello Gang,

    I have a question, do you have to claim your winnings on your taxes at the end of the year? Do the online casino's report your wins? I know people who play bingo on line and have won but did not claim it on their taxes so they say. 

    Just kind of curious.

    Thanks.
    LH

    I read somewhere that you do NOT have to report the winnings, don't remember where though!
  • Lipstick
    • Replied by
    • Lipstick
    • at Nov 30, 09, 10:39:17 PM
    • United States Admin 13900
    • last active 12 hours ago
    Hi LH,

    Online casinos do not report your wins to the IRS. If you do not take it upon yourself to claim your winnings on your return there is only one snag. If the IRS audits you for any reason including income not reported, thats where it could get complicated.

    Lips
  • Slotbeuker
    • Replied by
    • Slotbeuker
    • at Nov 30, 09, 10:47:51 PM
    • Netherlands Hero Member 541
    • last active 4 years ago

    I'll be more than happy to pay taxes over the money I won, as long as I get a refund over the money I've lost. smiley

  • ethereal
    • Replied by
    • ethereal
    • at Dec 07, 09, 10:50:09 PM
    • Australia Sr. Member 465
    • last active 5 years ago

    Here (in my country) you pay 0 tax on winnings! woohoo! Even if you win 10,000,000 on the lottery, there is no tax on your actual winnings smiley

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