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re: Winning a car-tax question
Posted on 1/20/14 at 11:15 am to Poodlebrain
Posted on 1/20/14 at 11:15 am to Poodlebrain
quote:
However, just because the casino reports it in that fashion doesn't mean you have to. You can make a substance over form argument that your economic benefit from winning is the net cash you receive.
I agree with you there, but not sure how you would claim the "loss". If the full amount is not reported, a notice from the IRS is sure to follow. Would the loss be claimed on Sch D?
1
Posted on 1/20/14 at 11:52 am to CubsFanBudMan
quote:No, the income would be reported as other income on line 21 as "prize money see stmt." I would attach a statement that reported the prize amount per the 1099-Misc and a line item "expenses paid to collect the prize" with the net amount equaling what I reported on line 21.
I agree with you there, but not sure how you would claim the "loss". If the full amount is not reported, a notice from the IRS is sure to follow. Would the loss be claimed on Sch D?
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