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  #1  
Old 12-18-2006, 05:50 PM
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Question for the forum regarding contest prize money and taxes
Can anyone help me out with the question regarding prize money in these sponsored contests and filing the winnings on our tax return? Has anyone included money winnings on their taxes or has everyone excluded them on their tax return? Could you give me a little advise on the situation. Any would be a big help!!
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  #2  
Old 12-18-2006, 06:31 PM
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Quote:
Originally Posted by jkor315
Can anyone help me out with the question regarding prize money in these sponsored contests and filing the winnings on our tax return? Has anyone included money winnings on their taxes or has everyone excluded them on their tax return? Could you give me a little advise on the situation. Any would be a big help!!
How much did you win???
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Skippy says: "Fade me if you dare"

http://cappersmall.com/forums/showpo...3&postcount=45

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Contest Wins:
SPORTS Cappers Mall Monthly POD
EQUINE BETJM Weekly Horse Racing Challenge
HOOPS BETJM Monthly Hoops Challenge (TWICE)
HOOPS Cappers Mall Monthly BBall (THRICE)
HOOPS 1st to 100 units
Best Bets Record:
Dec.: 3-0-0 (W3)
Nov.: 2-2-0 (L1)
MLB Record (all 1 unit plays for $1):
April '06: 7-5-1 (+2.16)
Double or Nothing record:
Risks: One unit per day
Days: 2 (1-1) >>> Units: +11
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  #3  
Old 12-18-2006, 08:09 PM
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1500 dollars
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  #4  
Old 12-18-2006, 08:18 PM
Rainbow Power
  
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Quote:
Originally Posted by jkor315
1500 dollars
Can you withdraw that now or is there a rollover attached to it??
__________________
Someone said: "Skippy, sports is NOT your niche"
Skippy says: "Fade me if you dare"

http://cappersmall.com/forums/showpo...3&postcount=45

http://cappersmall.com/forums/showpo...7&postcount=20 (new)

Contest Wins:
SPORTS Cappers Mall Monthly POD
EQUINE BETJM Weekly Horse Racing Challenge
HOOPS BETJM Monthly Hoops Challenge (TWICE)
HOOPS Cappers Mall Monthly BBall (THRICE)
HOOPS 1st to 100 units
Best Bets Record:
Dec.: 3-0-0 (W3)
Nov.: 2-2-0 (L1)
MLB Record (all 1 unit plays for $1):
April '06: 7-5-1 (+2.16)
Double or Nothing record:
Risks: One unit per day
Days: 2 (1-1) >>> Units: +11
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  #5  
Old 12-18-2006, 10:18 PM
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you only have to worry if you make a withdrawl over 10,000 at one time,... Keep your withdrawls under this amount and you dont have anything to worry about.
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  #6  
Old 12-19-2006, 05:44 PM
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Would Not Worry For 1500
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  #7  
Old 12-21-2006, 10:19 AM
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Quote:
Originally Posted by ryhenry09
you only have to worry if you make a withdrawl over 10,000 at one time,... Keep your withdrawls under this amount and you dont have anything to worry about.
I wish that I would have to worry about making a $10,000 withdrawl...I didn't even know that they made numbers that went that high!
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  #8  
Old 12-21-2006, 10:21 AM
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Quote:
Originally Posted by skippy
Can you withdraw that now or is there a rollover attached to it??
There was NO ROLLOVER with this particular prize. (almost unheard of in this industry)
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  #9  
Old 12-22-2006, 12:45 PM
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I have been busy the past few days sorry for the delay in replying. Thank you very much for the information!!
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  #10  
Old 12-22-2006, 04:41 PM
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even if u do win way over 10 k check out ebay...people sell lottery ticket recepits and other receipts that u can write off against any winnings you do intedn to claim to make you look like a break even investor...goodluck
-stash
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  #11  
Old 12-22-2006, 07:36 PM
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Quote:
Originally Posted by SecretStash
even if u do win way over 10 k check out ebay...people sell lottery ticket recepits and other receipts that u can write off against any winnings you do intedn to claim to make you look like a break even investor...goodluck
-stash
Why do that???

Then unscrupulous bastards can blackmail you.....and milk you dry.
__________________
Someone said: "Skippy, sports is NOT your niche"
Skippy says: "Fade me if you dare"

http://cappersmall.com/forums/showpo...3&postcount=45

http://cappersmall.com/forums/showpo...7&postcount=20 (new)

Contest Wins:
SPORTS Cappers Mall Monthly POD
EQUINE BETJM Weekly Horse Racing Challenge
HOOPS BETJM Monthly Hoops Challenge (TWICE)
HOOPS Cappers Mall Monthly BBall (THRICE)
HOOPS 1st to 100 units
Best Bets Record:
Dec.: 3-0-0 (W3)
Nov.: 2-2-0 (L1)
MLB Record (all 1 unit plays for $1):
April '06: 7-5-1 (+2.16)
Double or Nothing record:
Risks: One unit per day
Days: 2 (1-1) >>> Units: +11
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  #12  
Old 12-22-2006, 07:43 PM
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Can I sell you a receipt..real cheap, whatever you want.
All funny until you are in the IRS office meeting with the man getting audited.
Its your choice to report or not.
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Last edited by bcbadgalz; 12-22-2006 at 07:45 PM.
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  #13  
Old 12-22-2006, 07:47 PM
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Quote:
Originally Posted by bcbadgalz
Can I sell you a receipt..real cheap, whatever you want.
All funny until you are in the IRS office meeting with the man getting audited.
Its your choice to report or not.
$1500 is no big deal.

If you were down $1500 with an offshore, will you be able to get a receipt for your losses???
__________________
Someone said: "Skippy, sports is NOT your niche"
Skippy says: "Fade me if you dare"

http://cappersmall.com/forums/showpo...3&postcount=45

http://cappersmall.com/forums/showpo...7&postcount=20 (new)

Contest Wins:
SPORTS Cappers Mall Monthly POD
EQUINE BETJM Weekly Horse Racing Challenge
HOOPS BETJM Monthly Hoops Challenge (TWICE)
HOOPS Cappers Mall Monthly BBall (THRICE)
HOOPS 1st to 100 units
Best Bets Record:
Dec.: 3-0-0 (W3)
Nov.: 2-2-0 (L1)
MLB Record (all 1 unit plays for $1):
April '06: 7-5-1 (+2.16)
Double or Nothing record:
Risks: One unit per day
Days: 2 (1-1) >>> Units: +11
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  #14  
Old 12-22-2006, 08:58 PM
skoal sister
  
Join Date: Feb 2005
Location: Pittsburgh
Posts: 16,706
Rewards: 21
Quote:
Originally Posted by skippy
$1500 is no big deal.

If you were down $1500 with an offshore, will you be able to get a receipt for your losses???
No big deal. Buying reciepts is shady business though.
They don't say, just show me the reciept if they are suspisious they want the source. Not like okay you have the receipt, its all good.
__________________
The next time you are having a really bad day imagine this:

You are a Siamese Twin,
Your brother, attached at your shoulder, is gay.
Your not.
He has a date coming over tonight.
You have only one ass.
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  #15  
Old 12-22-2006, 09:04 PM
Rainbow Power
  
Join Date: Mar 2005
Posts: 26,790
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Quote:
Originally Posted by bcbadgalz
No big deal. Buying reciepts is shady business though.
They don't say, just show me the reciept if they are suspisious they want the source. Not like okay you have the receipt, its all good.
I'm saying DO NOT buy receipts.
Otherwise you will be at the mercy of the seller.

With all this banning of offshore betting activities, it just doesn't make sense to say .. Hey, I won $1500 from an offshore site!!!
__________________
Someone said: "Skippy, sports is NOT your niche"
Skippy says: "Fade me if you dare"

http://cappersmall.com/forums/showpo...3&postcount=45

http://cappersmall.com/forums/showpo...7&postcount=20 (new)

Contest Wins:
SPORTS Cappers Mall Monthly POD
EQUINE BETJM Weekly Horse Racing Challenge
HOOPS BETJM Monthly Hoops Challenge (TWICE)
HOOPS Cappers Mall Monthly BBall (THRICE)
HOOPS 1st to 100 units
Best Bets Record:
Dec.: 3-0-0 (W3)
Nov.: 2-2-0 (L1)
MLB Record (all 1 unit plays for $1):
April '06: 7-5-1 (+2.16)
Double or Nothing record:
Risks: One unit per day
Days: 2 (1-1) >>> Units: +11
Reply With Quote
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