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#2
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![]() "The fair market value of prizes and awards (other then scholarships) must be included in gross income, therefore, TV giveaway prizes, magazine publishers prizes, door prizes and awards from employers are fully taxable.
It can be excluded from gross income if the prize/award is recieved in recognition of religious/charitable/scientific/educational/artistic/literary, you transfer the prize to a government unit, the recipient was selected without any action on his or her part to enter the contest or proceeding, the recipient is not required to render substantial future services as a condition for recieving the prize or award" If it is considered a prize, you might be able to argue the bold. It obviously isn't considered gambling winning, thus they are right about the losses. I just read that ALL those requirements have to met to be considered so the bold is garbage. I'll look into it more |
#3
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#5
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![]() Here is the thing though that is so sketchy, less then 2% of people in their respective cities get audited, and lets just say that 5k doesn't get reported, you are probably on the hook for 1k, and that is that, they won't even audit you, they will send you a letter saying "Um you forgot to claim this so you owe us this"
I would say with 100% certainity that people on here are not claiming EVERY ticket they cashed at the racetrack, which according to tax code, you are suppose to do. Unless you making over 250k, where your chance of getting audited is alot larger....well, you get the point |
#6
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#9
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![]() Thank you both for the help. I called the irs after I posted and indeed it is considered a prize. Now that the irs has my phone # on caller id I think I'll report the winnings.
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#10
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![]() Since you received a 1099 the IRS already has record of you receiving the $, as they also got a copy (or shortly will) get a copy of the 1099. If the money is not reported as income on your return you will be getting a friendly reminder letter from the IRS that you left it off of your return.
Based on the fact that you say that you can not itemize, I think as everyone else has already said you are SOL.
__________________
"Be who you are and say what you feel, because those that matter don't mind, and those that mind, dont matter." Theodore Seuss Geisel "Dr. Seuss" |
#11
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![]() It is considered Miscellaneous Income
http://www.irs.gov/newsroom/article/...175963,00.html Quote:
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