Thanks for the feedback, I'm not sure if it is a 1099G or w2G, they had me sign something at the cardroom and they did not actually give me and paperwork. They were supposed to send me something but I requested that they not, because I did not want anyone to know that I had won anything. My income for year combined with my wife was about $140,000, so i was not sure if the IRS would really miss the $720 or the tax on it that much. I would prefer to keep this between just me and the IRS without having to tell the wife.
2007-03-21 07:57:30 · 4 answers · asked by teriyaki 1 in Business & Finance ➔ Taxes ➔ United States
If they had you sign something, there is a very good chance that it was reported...You told them not to send you anything, but that doesn't relieve them of the duty of reporting it to the IRS. They assumed in good faith you would report it, when you requested them not to mail it. There is a chance it is sitting there in their office waiting to be picked up.
The casinos aren't going to do anything to jeopardize their license.
Call & see if they have it in their office.
Think twice before wilfully evading taxes.
2007-03-21 10:38:10 · answer #1 · answered by T H 4 · 0⤊ 0⤋
The cardroom sent the W2G to the IRS. You need to put that amount, $720, on Line 21. If you itemize, and you had other gambling losses of at least that amount, you can deduct that $720 on Schedule A and you will owe a net tax of zero on this amount.
If you do not want your spouse to know of this income, you will have to file a married filing separate return.
Otherwise, you have to put it on the return, or the IRS will send you a letter about it, and that would be worse than fessing up to it now to the wife.
2007-03-21 11:55:53 · answer #2 · answered by ninasgramma 7 · 0⤊ 0⤋
You are legally and ethically required to report all income to the IRS.
That being said, if you weren't given a 1099-G, it's unlikely that the IRS has any record of you receiving those winnings. If you failed to report those winnings (which is illegal and morally wrong), it's not likely that there would be much digging or enforcement.
However, it IS possible. I would encourage you to accurately report all earnings on your tax return. To suggest otherwise wouldn't be fittin'.
2007-03-21 08:11:34 · answer #3 · answered by Scotty Doesnt Know 7 · 0⤊ 0⤋
You little dog - hiding $ from your wife!
Anyway, you should report the winnings on your tax return. You could deduct gambling losses to the extent of your winnings on Schedule A if you itemize.
2007-03-21 09:44:13 · answer #4 · answered by tma 6 · 0⤊ 0⤋