BOO to the irs
- Thread starter wahcheck
- Start date
I hate to answer a question with a question, but could you be more specific about what you want me to explain?
no he wouldnt have to pay tax on that money since he didnt receive it. Most individuals are considered falling under tyhe cash basis of accounting, which means you pay tax on monies when you receive them, you deduct expenses when you pay them.....there are a few little exceptions to this like prepaid insurance and estimated tax payments........but since rodney didnt get the money he doesnt pay tax on it. As/if it trickles in over the next few years, he would pay thengnaroz said:
Yeah I also just got my tax form from WesternBCA in the mail and its painful to know that Uncle Sam gets a chunk of that hard fought money. Last year they had the wrong town/state for me on the address but eventually it made it to me, after I had done my taxes already. The form should magically make its way into the trash bin...but it won't. 
Trash
This guy is a real piece of trash
I would love for you to say to our faces that were bums and lowlives. You got some balls. A word to the wise my friend, just keep hidden behind that screen name.
Frankie....................
JAM said:
This guy is a real piece of trash
I would love for you to say to our faces that were bums and lowlives. You got some balls. A word to the wise my friend, just keep hidden behind that screen name.
Frankie....................
It sounds to me like you're the one that can't manage his money. You actually allowed $20,000 of accumilated debt to occur? On people you suspected of being bums with no money and no hopes of getting any? It's no wonder you no longer have these establishments.macguy said:
steev said:
all income is reportable....where youre getting confused is the reporting requirements for the casino. The casino doesnt have to send you a w2-g, if your winnings from keno are less than 1500, or your winnings from a bingo game or slot machine are less than 1200. So they dont have to report it to the irs and they dont have to send you the form. While there is no record of it and you could probably get away with not filing on it, if you were checked and the irs came across it (like you said you won it to the auditor, or you deposited the winnings in your account and they asked about it), then they would hit you for the taxes on the money plus penalty and interest. All income is reportable for the individual.
buzzsaw said:
I know you feel you took a shot at me but this was over a period of like 10 years. Some will just nickel and dime you to death while others have sob stories. Should I tell you about the world champion who was sitting in my office crying like a baby because his house was going into foreclosure and they were getting divorced begging me for help.
I got the house cleared so it could at least be sold and they would walk away with something. Needless to say, after the closing he was nowhere to be found with my $3500. About a year later I ran into him at a tournament and got my money which of course he had borrowed from like 10 other guys. I admit it, I was a sucker.
Listen, many of these guys are bums plain and simple, you know it and I know it, and there is nothing wrong with that. Just don't expect others to support you or make up for your inability to make a living. Nothing I have said in this thread is at all inaccurate whether one likes to hear it or not.
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But you can't put that on their shoulders. You and only you made the decision to help them and that is to your credit. But once you've lent that hand you really shouldn't come back and start bad mouthing them because they didn't pay you back. You knew the risk going in.macguy said: