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#1
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![]() Probably only has to pay taxes on the 100k
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#2
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![]() Very cool!
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#3
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![]() Actually I think he will only have to pay taxes on gambling income of 800k and prize money of 100k.
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#4
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![]() Quote:
I can see that he would need to pay taxes on the 100k prize money. Whatever it is, the guy did not have to put a single dime of his own money to win all that. Great win for him. |
#5
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![]() Quote:
Gambling income is supposed to be reported no matter how small. Most people don't report it and the irs doesn't persue small potatoes. |
#6
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![]() Good news for him is someone at the IRS undoubtedly saw him win it. Enjoy that complimentary audit.
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#7
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![]() IMO he should pay taxes on the 90,000.00 from NBC as ordinary income (which I believe with his $900k win puts him in the top bracket of I think 35%), I think he can treat the first $10k from NBC as a gift (and tax free)... So, once you get that tax situation squared away, I think he's paying 20% on the winning from the track (which is better than his ordinary income rate of 35%)... unless of course he's got $900k in losing tickets
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#8
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#9
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![]() I thought if it was over a certain amount the IRS would step in to get their share regardless of how much was wagered. I'd bet they will be greeting him at the windows.
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#10
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![]() Quote:
In this guys case he brings the suitcase (or check) home and then calls his tax consultant to see how much to pay the irs quarterly for the remainder of the year so he doesn't incur any interest penalties. |
#11
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![]() exactly the irs will be there with both hands out
now all he needs to do is get programs and losing tickets that total 900k and its tax free |
#12
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![]() Quote:
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__________________
ΜΟΛΩΝ ΛΑΒΕ |
#13
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![]() I would plan on paying on the whole thing. Nice problem to have.
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