Busted by IRS now i owe back taxes on winnings

[blackthroatedwind]

If you have account information that includes your signers, but shows you were a net loser, you should be fine. I guess you may have to pay a penalty but the account info should validate your net position.

[Seattleallstar]

thanks black, for the year in question it defintely showed that i wagered more than i won, but what concerns me is that they show how much i won vs only what was taxable, I hope the IRS reailzes that only a miniscule part of the winnings was taxable/signers

[blackthroatedwind]

Originally Posted by Seattleallstar

thanks black, for the year in question it defintely showed that i wagered more than i won, but what concerns me is that they show how much i won vs only what was taxable, I hope the IRS reailzes that only a miniscule part of the winnings was taxable/signers

They'll understand.

In the future you just have to itemize. Basically on one line you put the total winnings ( just total signer amount basically works ) and on the other losses up to the amount of winnings. If you were a net winner, you still write off loses against the winnings to get to the final result. If you lost for the year.....zero is the number that matters.

You should be fine.

[zippyneedsawin]

Originally Posted by blackthroatedwind

If you have account information that includes your signers, but shows you were a net loser, you should be fine. I guess you may have to pay a penalty but the account info should validate your net position.

LOL.. isn't that a given? Just kidding, Seattle, I couldn't resist...

I am reading this correctly...
No derision, no snide comments.
Helpful information.

I must be on the wrong board.

[westcoastinvader]

Originally Posted by blackthroatedwind

If you have account information that includes your signers, but shows you were a net loser, you should be fine. I guess you may have to pay a penalty but the account info should validate your net position.

My first wife used to have a bit of embarrassment when we visited the accountant for our tax prep and I tossed my signers down to list on the taxes.

Apparently making $$ was good, but making $$ from gambling was something not be made known in "good social circles" or something.

I was always kinda proud of those signers.



(my current wife loves 'em.....she laughs and shares stories with friends about my occasional gambling prowess....)

[blackthroatedwind]

Originally Posted by westcoastinvader

My first wife used to have a bit of embarrassment when we visited the accountant for our tax prep and I tossed my signers down to list on the taxes.

Apparently making $$ was good, but making $$ from gambling was something not be made known in "good social circles" or something.

I was always kinda proud of those signers.



(my current wife loves 'em.....she laughs and shares stories with friends about my occasional gambling prowess....)

One of my ex-girlfriends, who's very cool, spent her summers in the Hamptons ( obviously without me ) and her friends used to give her a hard time about me being a horseplayer and hanging out at the track. She was very happy when they once snidely asked her how I was doing at the track and she got to tell them I hit a Pick-6 for $141K a few days earlier.

They stopped asking her about me.

[westcoastinvader]

Originally Posted by blackthroatedwind

One of my ex-girlfriends, who's very cool, spent her summers in the Hamptons ( obviously without me ) and her friends used to give her a hard time about me being a horseplayer and hanging out at the track. She was very happy when they once snidely asked her how I was doing at the track and she got to tell them I hit a Pick-6 for $141K a few days earlier.

They stopped asking her about me.

Great story!


Especially good with the "spent her summers in the Hamptons" detail!

True story, I was in a bar with some horse players a few days ago and was razzing some guy in his mid-20's when he inquired about a bottle of "chartreuse" that had somehow made it behind the bar in this non-uppity establishment. It was one of those great gambling story and trivia sharing late afternoons, and the totally cool kid let me know that "chartreuse" was a favored drink component of F. Scott Fitzgerald (The Great Gatsby guy). Points to the kid. I was impressed with the off the cuff trivia.

He knew nothing of Nashua and the Woodwards, however.

[asudevil]

Originally Posted by blackthroatedwind

One of my ex-girlfriends, who's very cool, spent her summers in the Hamptons ( obviously without me ) and her friends used to give her a hard time about me being a horseplayer and hanging out at the track. She was very happy when they once snidely asked her how I was doing at the track and she got to tell them I hit a Pick-6 for $141K a few days earlier.

They stopped asking her about me.

Her friends sound like typical Hamptons crunts.

[philcski]

Originally Posted by asudevil

Her friends sound like typical Hamptons crunts.

I hate those types with a passion after working on Wall St for nearly 10 years.

[dean smith]

Boy, this tax stuff is confusing. This is why I make it a point to not cash any big winners all year.

[skippy3481]

I agree i could pick more winners, but why deal with the tax issues

[Suffolk Shippers]

Originally Posted by dean smith

Boy, this tax stuff is confusing. This is why I make it a point to not cash any big winners all year.

How you gonna avoid missing Uncle Sam on that early P4 at Holly two weeks ago

[gales0678]

Originally Posted by blackthroatedwind

One of my ex-girlfriends, who's very cool, spent her summers in the Hamptons ( obviously without me ) and her friends used to give her a hard time about me being a horseplayer and hanging out at the track. She was very happy when they once snidely asked her how I was doing at the track and she got to tell them I hit a Pick-6 for $141K a few days earlier.

They stopped asking her about me.

i'm going to take a stab , was it Lizzie .... Lizzie Grubman?