2007-01-28 05:28:11 · 9 answers · asked by vjb0456 1 in Business & Finance ➔ Taxes ➔ United States
I have someone telling me that you can take your whole earnings as long as you dont cash it you can deal with your responsibility on paying taxes. I dont think he is right
2007-01-28 05:58:16 · update #1
Um, the winner.
If they made over $600, then a W-2G will be accomplished withholding a certain amount of the winnings. You have to declare it on your taxes, though.
If you made $599, no W-2G. It's still taxable, and I'm sure you're an honorable person who'd do the right thing.
Coff.
2007-01-28 05:33:09 · answer #1 · answered by Anonymous · 2⤊ 0⤋
The person who wins is responsible for the taxes. The payer will send you a form for taxes if the win is over a certain amount, don't remember the amount exactly but it's something like $600 or $1000.
If you had a winning lottery ticket and didn't cash it, nobody would know you had it so I suppose you could just hang onto it until the next year and cash it then, and the income (and taxes) would be in the following year.
2007-01-28 06:46:32 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
The person who wins the money is responsible for paying taxes. The payer of the money will provide the winner with a 1099-G form with the amount to be included on the winner's tax return.
2007-01-28 05:32:54 · answer #3 · answered by cinsingl83 3 · 1⤊ 0⤋
The winner is responsible but most the gambling institution will usually take taxes out before they pay you, depends on how much is won.
2007-01-28 05:33:40 · answer #4 · answered by DB 3 · 0⤊ 0⤋
Yes, gambling winnings are considered taxable income. You can offset winnings with losses to the extent you document them. If your losses exceed the winnings, too bad.
In the case of most state lotteries, I am pretty sure they withhold the taxes especially for the very large purses.
2007-01-28 05:32:24 · answer #5 · answered by gls_merch 5 · 1⤊ 0⤋
the winner receives the money after taxes so the buyer is responsible
2007-01-28 05:31:41 · answer #6 · answered by munson2015 3 · 0⤊ 0⤋
lottery (income tax) and gambling income taxes are taken out when the money is claimed...
2007-01-28 05:33:40 · answer #7 · answered by The Emperor of Ecstasy 5 · 0⤊ 0⤋
The person who wins the money!
2007-01-28 05:31:10 · answer #8 · answered by Bird Breath 3 · 0⤊ 0⤋
The winner!! See IRS Pub 17. http://www.irs.gov/pub/irs-pdf/p17.pdf
2007-01-28 05:33:28 · answer #9 · answered by curious george 5 · 1⤊ 0⤋