1. 10-05-10 10:36 AM #1
    Coldpimpin
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    9 teamer fantasy turns into tax snafu

    I know there will be doubters because I'm not computer savvy enough to upload the proof but here we go! Won two nine teamers weeks 1 and 2 in NV and was shocked to get handed W-2G forms for the IRS. It's not the dollar amount of the win that triggers an IRS notification but the fact that you surpassed 300-1 payout odds. Will stick to 8-teamers from now on. It wasn't easy street, I spent about $400 to win $840 and $700 to win $1700. Unless I use a players card everywhere all the IRS will see is my gains and not my losses. Will stick to 8-teamers I guess and stay under the radar.
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  2. 10-05-10 11:48 AM #2
    TomG
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    Even when you win, you lose.
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  3. 10-05-10 03:59 PM #3
    Hareeba!
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    what's the big deal?
    you're doing the right thing and declaring your winnings anyway aren't you?
    so you have nothing to hide.
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  4. 10-05-10 04:05 PM #4
    soxwin1917
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    Quote Originally Posted by Hareeba! View Post
    what's the big deal?
    you're doing the right thing and declaring your winnings anyway aren't you?
    so you have nothing to hide.
    Me thinks the answer to this is "no."
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  5. 10-05-10 04:21 PM #5
    ucbearcats1027
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    they will come for you
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  6. 10-05-10 05:33 PM #6
    BrianLaverty
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    ya.. i dont get the big deal.

    I have to fill out once of these sheets every time I place in a poker tourney at foxwoods.... This includes one-table tournaments where top 3 get paid..... Not a big deal at all, but just don forget it when tax season comes along.
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  7. 10-05-10 05:35 PM #7
    mtneer1212
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    Keep your losing tickets, and you can itemize the losses against your wins.
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  8. 10-06-10 08:14 AM #8
    midnight777
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    the gov wants their cut..
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  9. 10-06-10 09:22 AM #9
    HedgeHog
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    Another reason to play on line.
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  10. 10-06-10 10:27 AM #10
    Jacey
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    Quote Originally Posted by mtneer1212 View Post
    Keep your losing tickets, and you can itemize the losses against your wins.
    this...........

    really not a big deal if you have an accountant or itemize or anything
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