Article

2011-03-19 -Signs, Portents, and the Weather-

'Lucky winner' at Astros game receives IRS bill for $927 for year's supply of coffee & donuts

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Posted by gromky 2011-03-19 00:01|| || Front Page|| [11128 views ] Top

#1 lottery winnings are taxed as ordinary income

so is the purchase of lottery tickets tax deductible then?

Posted by classer 2011-03-19 05:23|| 2011-03-19 05:23|| Front Page Top

#2 I believe you can offset your winnings with your costs down to $0. But, you have to keep receipts. Who does that?

Posted by Eric Jablow 2011-03-19 08:10|| 2011-03-19 08:10|| Front Page Top

#3 Just about every casino has their own resident IRS agent. Whenever anyone hits big, they go up to the winner, take their cut right then, and give him a W2-G (gambling) form to submit, to show the money has been taken.

Posted by Anonymoose 2011-03-19 09:51|| 2011-03-19 09:51|| Front Page Top

#4 IIRC over $1200 you get a W2-G. Over $5000 they deduct the taxes right off the top

Posted by Frank G 2011-03-19 10:19|| 2011-03-19 10:19|| Front Page Top

#5 I'm not sure why this is even news, let alone something that shows up on Rantburg. This is not new - the IRS has been doing this for years.

Maybe I should post an article when I get a notice from the DMV that I need to renew the registration for my car.

Posted by Rambler in Virginia 2011-03-19 10:32|| 2011-03-19 10:32|| Front Page Top

#6 ...I believe it was the 'coffee and donuts' angle. Cops hit hardest.

Posted by Procopius2k 2011-03-19 11:39|| 2011-03-19 11:39|| Front Page Top

#7 His tax liability was 100% of his winnings value?

Posted by CrazyFool 2011-03-19 13:33|| 2011-03-19 13:33|| Front Page Top

#8 CF - reporter's a dumbfuck. The 1099-MISC has the $927.61 in one of the boxes; he owes about $200 tax to the Feds on that amount.

Posted by Raj 2011-03-19 13:58|| 2011-03-19 13:58|| Front Page Top

#9 Spouser went to Vegas with the daughters for a long weekend back on 08 forgot to tell me about the 6K she won, man they had a great time. IRS turns up last year want 1600 bucks. Okay sorted it out and paid up then the F'ers turned me over to the State who wanted $680. What happens in Vegas follows you home.

Posted by Retired LEO 2011-03-19 16:06|| 2011-03-19 16:06|| Front Page Top

#10 I'm not sure why this is even news, let alone something that shows up on Rantburg. This is not new - the IRS has been doing this for years.
Apparently very few Rantburgers have ever won anything the IRS cared much about.

Posted by Anguper Hupomosing9418 2011-03-19 16:18|| 2011-03-19 16:18|| Front Page Top

#11 Apparently very few Rantburgers have ever won anything the IRS cared much about.

Oh dear. Anguper Hupomosing9418, should I have reported my winnings from the Symphony Club's "split the pot" lottery? I've won several hundred dollars over the years. I was going to buy a new purse with last month's winnings, but if I need to set it aside to pay taxes...

Posted by trailing wife 2011-03-19 17:03|| 2011-03-19 17:03|| Front Page Top

#12 should I have reported my winnings Shhh, say no more...

Posted by Anguper Hupomosing9418 2011-03-19 21:27|| 2011-03-19 21:27|| Front Page Top

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