Can you write off gambling debts when you file your income tax forms?
821112
If you are not a professional gambler then you can write off gambling losses to the extent of gambling winnings that you report. The winnings go on page one of the return and the losses go on schedule A.
676051
You can choose to have some taxes taken out before you receive the money or receive all winnings and pay at the end of the year.  I suggest having them taken out.  It will probably be a flat rate of about 35% or just ask for the max.  You should receive a W-2G in January from the govt. You should report it on line 21 of a 1040. Depending on what your income was before you may not qualify for some tax credits.
416154
the irs will make a payment arrangement and charge you interest. if the taxes are more than 3 years old, you may be able to file bankruptcy and have them discharged as well as your other debts.
772458
If you didn't make enough to pay tax, then you wouldn't be penalized if you file late.  But if you made much of anything, you probably owed tax - even if you didn't owe income tax, you probably owe self-employment tax.  \n\nGo ahead and file.  You'll owe the original tax due, plus interest and possibly penalties, but you won't be in major trouble.  If you wait until they catch up to you, you'll just make things worse.\n\nIf you can't pay all that you owe right away, the IRS will set up a payment plan.
1101750
You're not in trouble, per se, because you have 3 years to file a return in order to get a refund (if due).  But what happens when you don't file a return is that IRS files a Substitute 1040 for you, and then they add penalties and interest to it, and the interest is accumulative, so you're much better off filing it now to eliminate owing them any more than you may already owe.  If you owe and can't pay, they will work out a payment plan with you, and you should take their offer, because the interest they charge is much less than paying it with a credit card.  And you don't need to hire someone to file the return for you; just go to irs.gov, find the form, fill it out and mail it in.
444507
typically if you have an adjusted goss income of less than &7,000, you dont have to file\n\nif you are owed a refund you dont have to file, BUT...if you dont file those returns in 3 years, you lose the refund-goose egg for you\n\nif you owe money and don file, penalties and interest and then when you do file, the statute of limitations is 10 years for the govt to collect them from you either by garnishing your wages or placing liens on your property or in extreme cases-seizing your property and selling it at auction to pay your taxes\n\nfew people go to jail for not filing or not paying money owed, but people who file false returns on purpose to purposely defraud the govt-thats a bad situation
68714
He can deduct up to the $3000 winnings, if he can document his losses:\n\nFrom the IRS web site: \nYou may deduct gambling losses only if you itemize deductions. Claim your gambling losses as a miscellaneous deduction on  Form 1040, Schedule A (PDF). However, the amount of losses you deduct may not be more than the amount of gambling income you have reported on your return. It is important to keep an accurate diary or similar record of your gambling winnings and losses. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses. Refer to Publication 529, Miscellaneous Deductions, for more information.
84287
Tax write-offs.\nSee above.
510717
The bank is required to report to the IRS all checks deposited for more that $10,000. There's no way that you can hide an inheritance from the IRS unless your relative kept the money in cash and you collected the money directly from your relative's mattress after he or she died. When a person dies, the IRS is right there on the spot to make sure they get their share. They usually seal all safe-deposit boxes within hours, and require banks to have an agent present when it is opened. Also, if you are spending a lot of money that you didn't earn, the IRS might well notice it and audit you. This is how they catch the drug and organized crime lords. The casinos and so on are required to report large winnings to the IRS.
905230
First thing tomorrow, find the nearest Consumer Credit Counseling Service office and contact them. Tell them you need help handling your finances. They will not loan you money, but they will work with any creditors you owe money to, so that you can pay off your debts over a period of time. Then contact the bank or business which holds your account to see if they can work with you so that you can pay off the overdraft without going to jail.  A bad credit rating is better than a criminal record. You can always improve your credit rating, but your criminal record doesn't go away.  If you owe money because of gambling debts, find the nearest meeting for Gamblers Anonymous and go there every time you can.  You will need to show your mother that you are serious about handling your matters by taking action, rather than ignoring them or asking (and expecting) her to take care of the problem. If she sees that you are making an honest attempt to correct your mistake, she *may* even offer some help.
1026687
Yes you can if you start taking it out in equal installments to run out of money at the end of your expected life by the IRS tables. Once you start you can't stop so you are committing forever unless you want to be penalized. Once you reach 59 1/2 you can change your withdrawal rate however.\n\nYou should discuss it with a CPA to get the proper procedure.
743015
On-line gambling is not legal in the US.  Many on-line casinos will not deal with US customers because of the new law.  I've never heard of an on-line casino that allowed you to bet before depositing the money in an account at the casino.  That way you have already paid before you lose the money.\n\nBTW, what does this question have to do with taxes?
245469
You are given an allowance in the Tax\nscheme for these things,so I don't think\nyou can claim them.check with your taxman\nto be sure.
90350
Already did.  Moved to Las Vegas, NV.  Drawing my California\npension and working part-time here in Nevada where they do not deduct any state tax out or your payroll check.
297587
Yes the can.\n\nIf/when a creditor "charges off" a debt, he is taking it off his books.  The loss can be taken off his taxes as a bad debt.  \n\nCollection agencies buy these contracts, and will continue to attempt to collect on them.  The only thing stopping them is the Statute of Limitations.  Depending on the state you live in, (Michigan, for example, is 6 years), they can still sue you.  After that, you no longer have a legal obligation to pay.
350892
Yep, tax form 1040X is for this purpose.\n\nhttp://www.wwwebtax.com/general/form_1040x.htm
328993
you can only claim it if you are filling a business income tax.\n\nFor personal Income you can't.