Tax Tips

[blavkwidow]

OKAY, THEY SAY RAFFLE TICKETS FOR CHURCH, SCHOOL, ETC.. IS GAMBLING. THEY SAY BINGO FOR SOCIAL EVENTS, CHURCH, IS GAMBLING. THEY SAY SWEEPSTAKES, CAR GIVE AWAYS IS GAMBLING.: OKAY, THEY SAY LOTTERY WINS IS GAMBLING, BUT WE USE THE MONEY FOR EDUCATION. MY QUESTION IS?? WHAT CATEGORY DO WE FILE LOTTERY LOSSES UNDER? DO WE FILE IT UNDER GAMBLING LOSS. IF YOU WIN THE LOTTERY YOU HAVE TO PAY TAXES, SO IF YOU LOSE SHOULD THIS BE A LOSS. NEED ALL TAX ADVICE, AND TAX FORM NUMBERS.

 

[Teufellj]

blavkwidow, best policy in the USA is to NOT win more than $599.00. Anything a smidge over that figure and Huncle Sam will take a hunk of your ham! In the U.S. any sizeable winnings are taxed BEFORE you lay your mits on it; then the state in which you live gets in on the pie; then the community and county consider the gross win as income to be taxed---on and on---aunts, uncles, nieces and nephews also come out of the woodwork that you never knew you had. Forms are different in all parts of the world. Get a reputable attorney!!!

Teufellj...

 

[blitzed]

blavkwidow, best policy in the USA is to NOT win more than $599.00.
Teufellj...

RIGHTO! yup, bettin the pick3 straight/box split works for me

blitzed

 

[blavkwidow]

Tax Time

I NEED TO KNOW HOW I WRITE OFF A LOSS IN THE UNITED STATES. DO I NEED TO CALL THE IRS.

 

[wazzappenning]

in canada you dont pay tax on winnings (lottery, casino) so you can not claim losses....unless mabey if you are self employed, subcontractor ...you could give the accountant the amount and say it was entertainment for your clients(casino) ...anyway i have a feeling the states is a little more one sided and doesnt care about your losses...just your winnings. but i may be completely wrong...somebody correct me if i am please