If you win some money, how can you reduce the government tax? I would like to pay off some of my mortgage.
If you donate to Charity, can you can money back during tax refund?
2006-10-15 15:16:42 · 4 answers · asked by cmachiela 2 in Business & Finance ➔ Taxes ➔ United States
you have to collect alot of lottery tickets, race track reciepts any proof of money spent on gambling that will give you a tax write off to you prove that you spent money on gambling.
2006-10-15 15:36:10 · answer #1 · answered by josified 3 · 0⤊ 0⤋
You enter winnings as other income on line 21 of form 1040. You can deduct gambling losses to the extent of your winnings on Schedule A. Make sure you have evidence to substantiate your losses as the IRS is critically reviewing gambling loss deductions this year. Your donations will reduce your taxes to the extent of your tax bracket and amount donated to the charity. IE: 15% tax bracket donation of $1000=$150 tax reduction. Make sure you are deducting your home mortgage interest and property tax as well.
2006-10-16 01:51:38 · answer #2 · answered by RamsGod 3 · 1⤊ 0⤋
If you win 60,000 dollars, how does one get taxed?
All at once.
If you win some money, how can you reduce the government tax?
By not telling the Government!!
2006-10-15 22:23:48 · answer #3 · answered by Anonymous · 0⤊ 2⤋
IRS info re winnings is here;
http://www.irs.gov/instructions/iw2g/ar02.html
2006-10-15 22:30:49 · answer #4 · answered by Scully 4 · 0⤊ 0⤋