To All The Lucky Chancers who Love Your Scratch-Offs or Playing - TopicsExpress

To All The Lucky Chancers who Love Your Scratch-Offs or Playing Your Numbers..Heres a A TIP for U when Deciding to File this year- Be careful when reporting the amount of a noncash prize. In most cases, companies and groups that award prizes, cash and property will send you a 1099 form declaring the value of what you won. If your tax return reports substantially less than what the giver claims, your underreporting could mean a long, hard look from an IRS auditor. And dont forget about gambling proceeds. Theyre taxable, too, but at least you get the chance to reduce the tax bite here by subtracting any betting losses from your winnings

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