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Thursday, August 21, 2008

Reporting Gambling Winnings on Your Taxes

by taxnick on August 21, 2008

Gambling winnings are fully taxable and must be reported on your tax return. You must file  Form 1040 (PDF) and include all of your winnings. Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse races, and casinos. It includes cash winnings and also the fair market value of prizes such as [...]

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Your IRS Tax Appeal Rights

by taxnick on August 21, 2008

The IRS has an appeals system for people who do not agree with the results of an examination of their tax returns or with other adjustments to their tax liability.
The IRS will send you a report and/or letter that explains the proposed adjustments. The letter also tells you of your right to request a conference [...]

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