2007-01-18 08:04:51 · 12 answers · asked by peggy h 1 in Business & Finance ➔ Taxes ➔ United States
You have to claim it in the year you received it. The casino will probably issue a 2006 1099 in fact they often give it to you when they give you the cash.
Remember that you can take gambling losses that will offset the winnings somewhat.
2007-01-18 08:11:26 · answer #1 · answered by Nusha 5 · 0⤊ 0⤋
2006
2007-01-18 08:40:17 · answer #2 · answered by Weetie 3 · 0⤊ 0⤋
No, it is reported to the IRS by the casino in 2006, so you need to report it and pay taxes on it for your 2006 tax year.
2007-01-18 08:08:43 · answer #3 · answered by jseah114 6 · 1⤊ 0⤋
you received the money in 2006 you must claim it for 2006
2007-01-18 08:11:59 · answer #4 · answered by cutiepie81289 7 · 0⤊ 0⤋
If you won it in 2006, it is 2006 income.
2007-01-18 08:08:42 · answer #5 · answered by Wayne Z 7 · 3⤊ 0⤋
2006. I hope you kept detailed records of all your losses - time, place, amount of wager, persons present (if known), game played. You can deduct those on Schedule A up to the amount of your winnings, but only if you itemized. If you did not keep records you have to pay tax on the $5,000 by April 17th.
2007-01-18 09:39:22 · answer #6 · answered by skip 6 · 0⤊ 0⤋
If this is true, the casino should have gone over all of this with you. In fact, my mother won 1,000 at a casino, and they took out the taxes before they paid her.
2007-01-18 08:15:58 · answer #7 · answered by Answer Schmancer 5 · 0⤊ 0⤋
if it happened before year end, than 2006
2007-01-18 08:11:10 · answer #8 · answered by unan1m0us 5 · 0⤊ 0⤋
You have to claim it in 2006.
http://www.personalfinance101.org/?utm_source=YH&utm_medium=link
2007-01-18 08:09:46 · answer #9 · answered by personal_finance_101 3 · 0⤊ 0⤋
Did you fill out any tax-related paperwork when you won it? Or was it more like a lucky night at the tables and you cashed in 5000 in chips? If you didn't fill out any paperwork or put your name on anything then you didn't win it. *wink*wink*
2007-01-18 08:13:56 · answer #10 · answered by The Maestro 4 · 0⤊ 1⤋