I won a lot of money from myself by playing solitaire. Do I have to declare my winnings? I also lost a lot of money to myself, does that count as a deduction?
2007-03-20 05:39:55 · 3 answers · asked by Wee Bit Naughty 3 in Business & Finance ➔ Taxes ➔ United States
Funny. Back in your box!
2007-03-20 06:58:13 · answer #1 · answered by Bostonian In MO 7 · 2⤊ 0⤋
I do not understand. If you won alot of money from yourself, that means a "return of capital". Returns of capital are never income, nor are they deductible.
If you won alot of money from "someone else" and deposited the winnings in your bank, I would highly suggest you report the winnings as Other Income -
not subject to self-employment tax) and you can claim the losses as a Schedule A Miscellaneous deduction, not subject to the 2% limitation.
2007-03-20 14:12:21 · answer #2 · answered by bold4bs 4 · 0⤊ 0⤋
yes you have to report it because the company that you won the money from will send the irs a form w2G and it has the amount u won on it so it will be reported as income. there is also a place for you to show what you lost.
2007-03-20 12:51:22 · answer #3 · answered by Ebony 2 · 0⤊ 3⤋