2006-09-25 16:10:18 · 7 answers · asked by jasonwjulie 1 in Business & Finance ➔ Personal Finance
Yes.
2006-09-25 16:13:54 · answer #1 · answered by nobluffzone 5 · 0⤊ 0⤋
No, it does not depend on whether you get a 1099 or not.
Yes, you are required to report it.
In fact, given the size of the winnings, the payor is required to withhold at the highest marginal rate (i.e., 39.6%), so you'll report it to get the taxes refunded to you.
2006-09-25 23:14:57 · answer #2 · answered by TheSlayor 5 · 0⤊ 0⤋
The real question is ...
Is the party you won the money from going to report the winnings to the IRS?
2006-09-26 04:47:45 · answer #3 · answered by frugernity 6 · 0⤊ 0⤋
US citizens are taxed on winnings. If it were a lot more I would say move to Canada where winnings are not taxed.
2006-09-25 23:14:34 · answer #4 · answered by Kenneth H 5 · 0⤊ 0⤋
Yes, but how did you win it? Was it gambling? If so, you can deduct all your gambling losses this year (up to the amount of your winnings).
2006-09-25 23:16:02 · answer #5 · answered by Jim H 3 · 1⤊ 0⤋
Legally yes...but it depends whether you get a 1099 or not.
2006-09-25 23:12:17 · answer #6 · answered by Dorothy 5 · 1⤊ 0⤋
just buy something no one will know
2006-09-29 08:57:27 · answer #7 · answered by Anonymous · 0⤊ 0⤋