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First place winner gets $1600, it's $200 to play...if i win will i owe federal and state taxes on my winnings???? i live in new jersey?? do i have to file a claim??/

2007-02-21 17:54:48 · 4 answers · asked by uknosergio 1 in Sports Fantasy Sports

4 answers

You paid 200 to try and win 1600 thats gambling, pay the taxes.

2007-02-21 18:01:28 · answer #1 · answered by Toxic 2 · 0 0

Yes if you win you will have to pay taxes. Any winnings over $600 you have to pay taxes. CBS will provide you with the 1099 miscellaneous income statement if you win.

2007-02-22 12:32:19 · answer #2 · answered by russell s 3 · 0 0

porbably, because CBS is supported by the government, so yes, i would expect the winner to have to pay taxes

2007-02-22 02:25:09 · answer #3 · answered by Anonymous · 0 0

yes, you should report it on your taxes.

2007-02-22 01:57:25 · answer #4 · answered by ? 1 · 0 0

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