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re: Question about taxes on winning a $50k eliminator contest
Posted on 9/16/13 at 9:33 pm to SpidermanTUba
Posted on 9/16/13 at 9:33 pm to SpidermanTUba
quote:
that is, you must inform the IRS you have unreported income but you are not reporting it based on your rights under the 5th amendment.
Wait, so basically you say to the IRS, "I made money but not going to tell you or pay taxes on it"?
1
Posted on 9/17/13 at 6:28 am to GenesChin
quote:
Wait, so basically you say to the IRS, "I made money but not going to tell you or pay taxes on it"?
Ooops - I looked it up, you DO have to tell them the amount you made - you DON'T have to tell them the source if the source is illegal. However, you must positively assert the 5th amendment to avoid telling them the source.
(see link above)
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