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Old October 26th, 2003, 02:36 PM
hkolln hkolln is offline
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Join Date: Jan 2003
Posts: 1,021
Default Re: Re: Taxes on winnings

Gambling winning ARE taxable and have to be reported to the IRS. If you win more then a certain amt (600) you should get a form-anything over 5K taxes should be taken out. We won 250 on the Triumph in February but since it was below 600 we didn't receive any forms.

See below link:

http://www.irs.gov/taxtopics/page/0,,id%3D16211,00.html

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