Busted by IRS now i owe back taxes on winnings

[Rupert Pupkin]

Originally Posted by Seattleallstar

I failed to report my taxable winnings from horse racing, now i have penatlies to pay. My question is i got my account summary and it obviously shows I lost much more than what I won, will it offset the gambling income and ill just owe for the penalty?

Any help or advice would be greatly appreciated

As others have said, I think all you need to do is get a year-end summary from TVG or whoever you bet with. Your year-end summary will show that you lost for the year and you shouldn't owe anything. I don't think you will owe any penalties either.

[Seattleallstar]

Originally Posted by Rupert Pupkin

As others have said, I think all you need to do is get a year-end summary from TVG or whoever you bet with. Your year-end summary will show that you lost for the year and you shouldn't owe anything. I don't think you will owe any penalties either.

I got the year end summary from TVG and in addition to the amoutn wagered it shows how much I won and how much i deposited and withdrew. I thought it might pose a problem because it shows that I won even if the amount wagered is defintely more than amount won. They might say its some taxable income even if it isnt a signer, that im not sure of. But since TVG keeps track of wagers, i think i can just show the list of wagers that didnt win that will offset what was actually "taxable". Thanks for all the advice and help guys, it had really helped. I appreciate it

[philcski]

Originally Posted by Seattleallstar

I got the year end summary from TVG and in addition to the amoutn wagered it shows how much I won and how much i deposited and withdrew. I thought it might pose a problem because it shows that I won even if the amount wagered is defintely more than amount won. They might say its some taxable income even if it isnt a signer, that im not sure of. But since TVG keeps track of wagers, i think i can just show the list of wagers that didnt win that will offset what was actually "taxable". Thanks for all the advice and help guys, it had really helped. I appreciate it

This is correct. You should be fine. I'm going through the same exercise with the IRS for 2006 and 2007 right now, it's a pain in the balls but we'll get through it.

[TheSpyder]

Got this e-mail yesterday. I cannot believe anyone would believe this crap. These Nigerians are sharp.

This is Francis V. from the Refund Operations Department at Internal Revenue Service
(United States Department of the Treasury).

After the last annual calculation of your fiscal activity we have determined that you
are eligible to receive a tax refund of $184.23.

Please submit the tax refund request and allow us 3-9 days in order to process it.

A refund can be delayed for a variety of reason. For exemple (invalid records or
applying after the deadline).
The good news is that Internal Revenue Service will make this refund directly to your
visa and/or mastercard linked
to your checking/savings account instead a check or a direct deposit.

To access the form for your tax refund, please continue to our secure server
attachment form.

Important: Do not use credit and/or american express or discover cards. Only cards that
are linked to your checking/savings account are accepted.

Regards,

Francis V.
Internal Revenue Service - Tax Refund Specialist

[skippy3481]

West Coast,
The amount is 10k. Anything over 10k in chips triggers a great deal of paperwork you dont want to do. My advice is to cash it in slowly over the course of the day.

Originally Posted by TheSpyder

Got this e-mail yesterday. I cannot believe anyone would believe this crap. These Nigerians are sharp.

This is Francis V. from the Refund Operations Department at Internal Revenue Service
(United States Department of the Treasury).

After the last annual calculation of your fiscal activity we have determined that you
are eligible to receive a tax refund of $184.23.

Please submit the tax refund request and allow us 3-9 days in order to process it.

A refund can be delayed for a variety of reason. For exemple (invalid records or
applying after the deadline).
The good news is that Internal Revenue Service will make this refund directly to your
visa and/or mastercard linked
to your checking/savings account instead a check or a direct deposit.

To access the form for your tax refund, please continue to our secure server
attachment form.

Important: Do not use credit and/or american express or discover cards. Only cards that
are linked to your checking/savings account are accepted.

Regards,

Francis V.
Internal Revenue Service - Tax Refund Specialist

The Nigerians should run it through a spell checker, LOL.

[the_fat_man]

Originally Posted by Seattleallstar

I got the year end summary from TVG and in addition to the amoutn wagered it shows how much I won and how much i deposited and withdrew. I thought it might pose a problem because it shows that I won even if the amount wagered is defintely more than amount won. They might say its some taxable income even if it isnt a signer, that im not sure of. But since TVG keeps track of wagers, i think i can just show the list of wagers that didnt win that will offset what was actually "taxable". Thanks for all the advice and help guys, it had really helped. I appreciate it

You got to get tighter on this. Doubtful that any ADW would be unable to correctly calculate these numbers. Either you won or you didn't; and TVG should be able to show this.