How to report taxes with winnings??

[jolmscheid]

Ok guys...I don't have to go this yet as I am not winning a ton of money yet BUT in the future, what do you do with your winnings??

Do you claim them for taxes? Do you put your money in the bank or do you just keep the cash in a safe so the gov't doesn't know you have it in the bank??

Help would be appreciated....

[tltaylor89]

Claim it on the other income line if you dont have a 1099.

[pavyracer]

JJGOLD should answer this. He has won thousands in his gambling career. Coach?

[whatsgood5]

No taxes for me, I go with the shoebox in my closet technique.

[big joe 1212]

you claim all winnings under other income. You can deduct losses up to the amount of your winnings if you itemize.

if you dont get a 1099, you are still suppose to claim winnings, but I wouldn't!

[Boner_18]

Do a search. This question is answered at least once a month.