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#1
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Still working on 2006 Taxes
Should I be filing taxes based on this information?
These are all round figures Winnings: 180k Losses: 170k Net: 10k Cashed out: 4.5k |
#2
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Re: Still working on 2006 Taxes
[ QUOTE ]
Should I be filing taxes based on this information? [/ QUOTE ] Assuming you are a recreational player: [ QUOTE ] Winnings: 180k Losses: 170k [/ QUOTE ] Yes. [ QUOTE ] Net: 10k Cashed out: 4.5k [/ QUOTE ] No. |
#3
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Re: Still working on 2006 Taxes
Pay tax on cashed out winnings an claim ingorance on the rest. IRS has a history of lenience when people attempt to pay taxes but make "mistakes". At most, you pay some interest and small fees.
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#4
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Re: Still working on 2006 Taxes
You cannot 'net' gambling winnings.
Winning go on one line, losses in the dedustions section of the itemized deductions. obg [ QUOTE ] Should I be filing taxes based on this information? These are all round figures Winnings: 180k Losses: 170k Net: 10k Cashed out: 4.5k [/ QUOTE ] |
#5
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Re: Still working on 2006 Taxes
f this just do net
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#6
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Re: Still working on 2006 Taxes
net it up.
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#7
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Re: Still working on 2006 Taxes
Isn't netting illegal unless pro?
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#8
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Re: Still working on 2006 Taxes
yes, it is.
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#9
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Re: Still working on 2006 Taxes
Netting is illegal even for a pro.
They place all winnings on one line, fill out a business form C expenses, you would simply put losses on an itemized deduction line (no hotel, meal, travel, ect. deductions). The latter deductions are the primary differences. There are requirements though to be considered a pro. obg |
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