Ask me any tax questions - Page 6

wtf6192002 · #51 08-30-2007, 02:26 AM

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I didn't pay on $60k worth of winnings in the past year. My work experience amounts to selling lawnmowers at Sears over the course of a summer, during which I made something like $1200.

Am I going to jail?

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No file and pay your taxes. No big deal you will pay interest and penalties, but no jail. If you never file there is no statute of limitations. Its 3-6 years from the day you file so since you never filed they could come after you at any time.

KOTLP · #52 08-30-2007, 02:29 AM

Say you are behind on taxes and paying month-to-month, and just stop paying. What will eventually likely happen, and how long will it take?

wtf6192002 · #53 08-30-2007, 02:30 AM

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Ive never payed any taxes, but made ZERO effort to hide how much money i make. How scared should I be?

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There are 5 million variations of this question. All I can tell you is you have to claim all of your income and pay taxes accordingly. I can not tell you that it is ok to not pay taxes or you have a 50 percent chance.

PAY YOUR TAXES.

amazinmets73 · #54 08-30-2007, 02:31 AM

Ill pay later

tylerg · #55 08-30-2007, 02:38 AM

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Is there a way to never pay taxes again without going to jail?

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Die.

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pwned

tylerg · #56 08-30-2007, 02:46 AM

ok so i havent worked in 2 years...i am a degenerate gambler..i win money online but donk it drunk at local casino and have series poweball/ scratch ticket addiction...prolly still a wining gambler b/c of poker...whats the del here tho ...what should i do..i have no money to play any taxes even if i had to

NicksDad1970 · #57 08-30-2007, 07:07 AM

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1. Does the guy who caught the 756 ball really have to pay taxes on it if he keeps it?

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my undersatanding is yes he does, but a MLB baseball only costs about 9 dollars. If he decides to sell it he has to pay taxes on what it sells for.

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That's not what I read. The way I understand it is he has to pay tox on what it's worth. If a credible place says it's worth 500k then that's what he has to pay tax on.

Like I said that's what I read. I think I read it on cnn.com or something that appeared fairly credible.

thecortster · #58 08-30-2007, 07:52 AM

I am a US citizen but have lived in Germany for 3 years now. Do I file any income from online poker winnings even though it is "taxed" in Germany?

What about WSOP winnings (had a semi-large cash for $96k, not a hidden brag, just a serious question)

OP, thanks for your help.

futuredoc85 · #59 08-30-2007, 07:59 AM

ill be filing as a pro for the first time this year. what all should i do to pay as little as possible?

shanghairay · #60 08-30-2007, 08:20 AM

i haven't lived in america since april 2006, at which time i was unemployed and in college. i had never had a job until i got to china, but i make an "intern" salary, and i heard from someone as long as i make under 80K a year abroad, i don't have to pay anything.

btw i have never even tried to keep any records or file taxes ever.

i won a couple thousand (no idea how much, somewhere from 5-10K i think) in cash games while in college.

am i liable for anything? or at risk or anything when i return to the states?