How much do you have to win, to have to report it ?
Thanks,
~ ¤(¯`*•.¸(¯`*•.¸ Meredith ¸.•*´¯)¸.•*´¯)¤ ~
TGIF- Thank God I'm Female!
--- On Tue, 2/8/11, st.tropez97 <st.tropez97@yahoo.com> wrote:
From: st.tropez97 <st.tropez97@yahoo.com>
Subject: [vpFREE] Re: Had a good year in 2010
To: vpFREE@yahoogroups.com
Date: Tuesday, February 8, 2011, 4:11 AM
On 3 Feb 2011 at 20:31, Manuel wrote:
> This will be my first year with W2G's. I understand
> that in order to declare gambling losses up to the
> amount won you need to itemize. However, what
> option is there beside itemizing your losses? Would
> you then accept the wins without offsetting the losses?
If you don't itemize, you'll owe tax on all of your gross win(s).
[Non-text portions of this message have been removed]
