What to do after a sizable win?

[jms62]

Originally Posted by casp0555

I don't think you have to pay taxes on any winnings unless they are 300 times the total wager, I may be wrong but that's what I believe the new tax rules are since 2017????

True Billy.... Also note I guess there is a new Rule that if you are the President you can tell the Bank you are rich beyond imagination to get a loan but tell the IRS you are down to the felt and losing money like a drunkin OTB regular and no one will recognize that both conditions cannot exist at the same time. Income Tax Evasion or Bank Fraud. But I Digress...

But after a sizable win if you get a W2G DO NOT invest it in the stock market cause

1. You have to pay those taxes on the sizable win
2. Can NOT write off those stock market loses vs that sizable win...

[SMC2323]

Great news. Thanks for the info

[philcski]

Originally Posted by jms62

True Billy.... Also note I guess there is a new Rule that if you are the President you can tell the Bank you are rich beyond imagination to get a loan but tell the IRS you are down to the felt and losing money like a drunkin OTB regular and no one will recognize that both conditions cannot exist at the same time. Income Tax Evasion or Bank Fraud. But I Digress...

But after a sizable win if you get a W2G DO NOT invest it in the stock market cause

1. You have to pay those taxes on the sizable win
2. Can NOT write off those stock market loses vs that sizable win...

You can if they're in on the con, either by force or by choice...