Originally Posted By TALL Disney Guy Man, that's awesome! I would SOOOO love to win basically "free money", but I'm so afraid that if I started gettin' lottery tickets, I wouldn't be able to stop---and ironically lose a whole lot more money!
Originally Posted By TDLFAN Don't forget to add it to your tax form next year... under "additional income".
Originally Posted By goodgirl I won $1,500 in a quick pick several years ago. For amounts $1,500 or more you will be issued a W2 and must claim it on your taxes as gambling income. However, when I notified my accountant, he had me keep track of all my gambling losses for the year to help offset it. Any other lottery tickets, scratch its, door prize drawings, etc., I saved the receipts or some sort of proof. Came up with about $200 worth of stuff. And actually, I didn't really buy the ticket. My mother bought it but gave it to me. She was bedridden at the time and didn't want to fuss with going down to the lottery office to claim it. I ended up paying the taxes on it but that was okay. For about six months my photo was on display down at our local 7-Eleven store.
Originally Posted By TALL Disney Guy <For about six months my photo was on display down at our local 7-Eleven store.> See, if I win any money, I wanna stay anonymous---having watched newscasts as a job for 2 years has me scared to be known of ever havin' money, lol.
Originally Posted By goodgirl When you buy a ticket from the Oregon Lottery you give them the right to take your photo and use it for promotional purposes.
Originally Posted By TALL Disney Guy What is all this stuff about "claiming it as income on your taxes" anyway? I mean, you buy the ticket, *you* have receipt, *you* have the ticket, you've paid in cash---how would the government had any idea you did that transaction? I'm not advocatin' tax-cheatin' none, I'm just really curious---it seems to me they'd be none the wiser unless you *told* 'em you won $ from the lottery...
Originally Posted By goodgirl Well, according to the IRS you should claim gambling winnings as untaxed income. Most people do not, unless its a situation where they are issued a W2 (which is done for amounts over $1500). You can offset it with gambling losses if you have proof. However, you cannot claim gambling losses alone on your taxes. TDG, I doubt that most people claim winnings unless they get a W2.
Originally Posted By TALL Disney Guy Ah, the ol' W2 factor...but, there was a tax episode of "Mama's Family", and when Mama found out she was gonna be audited, she freaked out when she and her family realized she didn't claim all of her income: babysitting money, profits and/or donations of church functions and charity, Bingo winnings, etc...I never did understand how that could get someone in trouble. I mean c'mon, how's an IRS agent gonna know you made 20 bucks a night baby-sittin' or won 50 bucks at a Bingo game??
Originally Posted By Elderp ^ It is amazing what you can find out about people if you look hard enough and have the right access.
Originally Posted By kmsandrbs I know that I participate in a research group and, as long as we do not make $600, it is not reportable. I've also seen this in relation to 'winnings'. So your $100 probably does not need to be reported (assuming you don't win anything else). NOTE: This free tax advice is brought to you by someone with no tax training whatsoever.
Originally Posted By LuLu >>as long as we do not make $600, it is not reportable.<< The business does not have to issue a 1099-misc for any individuals who make less than $600 in a calendar year. I'm very doubtful that the IRS would say you don't need to report and pay tax on it, tho! Anyhoo, congrats Nut!
Originally Posted By peeaanuut there is a gambling allowance for the federal government but I cant remember what it is. Of course Ill just show I lost more than 100 bucks in gambling and I will be just fine.
Originally Posted By Dave >>>When you buy a ticket from the Oregon Lottery you give them the right to take your photo and use it for promotional purposes.<<< You give then the rights in Calif too. My friend who won 44.4 mil back when the lottery started has had his named used in a commercial for lottery several times. The one I liked was when they flashed his name Tom Tehee on the screen and he was walking the cheese area of the market. His comment was, "Look at all this cheese, I can have all of this" and he told me it's funny they used his name for this since he hates cheese with a passion. And peeaanuutt I have got that 100 scratcher 3 or 4 times since the lottery started.
Originally Posted By Dave I think you have to report anything over $1200.00 in winnings in Cal. ( or at least thats what it is in the casinos)
Originally Posted By Ursula It is $1199 that you don't report, $1200 you have to report. You'll see a lot of slot machines with $1199 at the top jackpot on bonus rounds just for this reason. Also, many gamblers track for their win/loss and report accordingly regardless if they get a W-G (the gambling equal to a W-9). If ever I win a huge jackpot, I have a standing track record of reporting wins and losses so when I hit the megabucks (or any large jackpot) I can show the IRS a track record and actually use any and all gambling receipts to turn in against that jackpot as a loss to protect my winnings. Meaning, this year I win $2000 and I turn in losses of $1500. When I hit a jackpot year, it would not be out of character for me to turn in losses near that amount.
Originally Posted By Ursula Oh and CONGRATS on the win!! The most I won I think was $27 on a scratcher.
Originally Posted By TALL Disney Guy And then you put it in your Coach handbag and wondered how you'd spend it ;-)
