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#1
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yet another tax question that probably has been asked many times
I apologize to anyone who has seen this posted before (as i am sure it has) and I thank in advance anyone who answers. If I made 5k this year playing and have a paper trail of 3k in checks, must I pay taxes on it? And about how much is it looking like I should pay? And what are the consequences of not paying it and the likelihood of getting in trouble?
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#2
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Re: yet another tax question that probably has been asked many times
Pay your taxes properly!
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#3
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Re: yet another tax question that probably has been asked many times
"If I made 5k this year playing and have a paper trail of 3k in checks, must I pay taxes on it? And about how much is it looking like I should pay? And what are the consequences of not paying it and the likelihood of getting in trouble?"
Must you, no it is only federal law. You should add your winnings to the other income column on your tax form, and your losses to itemized deductions in Schedule A. Your tax will vary based on your tax bracket. Not paying it = felony. Getting caught = highly unlikely. Pay up! |
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