Cashing out winnings...

[J-Easy]

what is the deal with paying taxes on winnings? has anyone ever done this?

or has anyone who hasn't ever done this ever had and problems??

[pwherr]

Bottom line.No W-2G don't worry about it.If you get a W-2G you can write off the same amount won.Unless you won a very large amount it is a wash.

[J-Easy]

so if i dont receive a w-2g in the mail, dont worry about it??

Thanks phwerr

[FalconFreak]

never cashed any winnings

[J-Easy]

Originally Posted by FalconFreak

never cashed any winnings

falconfreak, never cashed any winnings bc you've always been in the negative?(not trying to be a jerk, its a serious question)? or never claimed any winnings on taxes?

[MCP313]

Originally Posted by J-Easy

falconfreak, never cashed any winnings bc you've always been in the negative?(not trying to be a jerk, its a serious question)? or never claimed any winnings on taxes?

Only people who pay taxes when gambling are the Megamillion and Powerball winners......so if you didnt one of those or some other documented jackpot then just keep moving along.

Even if you do owe some taxes and you dont pay em when they find out the penalties are minor.

PEACE

[JETMAN]

Stay under $9,999,then no report to goverment

[FalconFreak]

Originally Posted by J-Easy

falconfreak, never cashed any winnings bc you've always been in the negative?(not trying to be a jerk, its a serious question)? or never claimed any winnings on taxes?

Sorry I was joking. I have used a traditional book for years until 5 years ago. I have an accountant who I give all my sh*t too, we then pencil whip the devil out of it twice, and i write a check so i think you do pay taxes but there are some things you can do over all, but im no expert.

What part of Atlanta do you live

[J-Easy]

Originally Posted by FalconFreak

Sorry I was joking. I have used a traditional book for years until 5 years ago. I have an accountant who I give all my sh*t too, we then pencil whip the devil out of it twice, and i write a check so i think you do pay taxes but there are some things you can do over all, but im no expert.

What part of Atlanta do you live

Buckhead near brookhaven

[J-Easy]

what about you?