Do we have to pay taxes on the $1,000 if we win???

[yakygirl]

If so, I am in the 25% tax bracket and $750 just isn't worth my time anymore!

[mantis-man]

yes-

And it's higher than 25%- its gift tax, so it may be closer to 30-40%

[yakygirl]

NICE. Then this is totally not worth time. My eyes are dried out and my arm hurts.

[ciray]

This is not a gift, which is given without conditions (e.g., knowing the solution); winners earned the money.

[catswhisker]

yeah, report it as earned money.

[ciray]

Also, there's an $11,000 annual exclusion for gift tax (which this is not). Use only your state and local tax rates to compute your after-tax proceeds.

[ciray]

Sorry, I meant use only your FEDERAL (ncluding self-employment tax), state, and local tax rates to compute your after-tax proceeds.

[jen80dan77]

aaaahhhh you all are sneaky...my kind of people...lol

[654]

NO!

[jen80dan77]

no...what?

[180628]

don't think you have to pay taxes in vegas you can win up to $9,999 without paying any taxes on it but even if you do just throw it in the other income tax on your tax forms no idea where it came from and could do it that way muahahahaha lol

[180628]

wonder if chu boy and ebay using this as a tax write off of their own? lol

[big_chill24]

I believe you pay taxes on anything over $3000

[ciray]

In Vegas, the casino does not have to report cash transactions below $10,000 (to comply with anti money laundering rules). THis is different from whether the income is taxable (it is!). A casino with take out withholding from a truly large payoff. I'm sure eBay will issue you a 1099 at the end of the year for the $1,000.

[mgl628]

just dont file it at all. irs wont know