![]() Your over thinking it, when they walk out the door that is the number. Posted 12:10 (#5917344 - in reply to #5917127) Subject: RE: Game shows, gambling and the IRS Casino gives them a IRS form at the end of the year, and a fancy sheet of financials.Īll the info is shared with govt, so you have to declare winnings. Most "gamblers" have some kind of "players card" that keeps your spending/winnings on their computer. He says if you win, its best to ask the casino to with hold taxes. Casino in the area, so he gets a few gamblers. ![]() Have a buddy that is a small time "tax preparer". Posted 10:31 (#5917191 - in reply to #5917127) Subject: RE: Game shows, gambling and the IRS While I'm asking, how does the IRS treat all those "free" airline miles? When some people rack up trips worth several thousand dollars, isn't that some kind of income? ![]() Or if they choose to gamble and go for a another prize and it turns out to be worth more, does the IRS say you earned $8000 AND you earned X because you got a bigger prize? Now if that contestant chooses to gamble and give it back in exchange for another prize which turns out to be worthless how should the IRS treat that? Watching a game show this morning and saw a contestant win a about $8000 in prizes. ![]() Posted 09:45 (#5917127) Subject: Game shows, gambling and the IRS ![]()
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