Thursday, November 1, 2007
Should I claim this?
So I have a dilemma. Should I claim the winnings? It really isn't that much money. Well, I just started thinking about this since winning almost $5K. Two weeks prior, I won a tourney and $1,600. I'm sure the feds are looking at my blog right now and will audit me when the new year arrives. Anybody have any advice?
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You'd be taking a chance, so I don't know what the right answer is. I was wondering though, what about losses? I'm sure you lose money here and there, too. Are you able to keep track of that somehow and use it to offset the gain? In Vegas and other casinos, there's no way to prove how much you've lost. That's not really fair. Seems like you could tell the Feds that you lost just as much this year, but I don't think that would fly.
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