G-D IRS, I hate them

Discussion in 'The Lounge' started by JCBRAVE, Mar 30, 2011.

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  1. JCBRAVE

    JCBRAVE goTitans 2019 Survivor Champion

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    Usually the winners are forced to sell off half their winnings to pay the taxes, so I've been told. Not sure if that's really what happens, but after going thru this, I believe they do.
     
    #21 JCBRAVE, Mar 31, 2011
  4. jdog

    jdog I like beer!

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    First off let me say that I trust the IRS completely as they should trust because I am an honest upstanding tax payer and this forum may be monitored.:)
    If you not going to use all the cards maybe it is possible to donate them to charity in some manner as a writeoff.
    This only a suggestion since I am also not a CPA.
     
    #22 jdog, Mar 31, 2011
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  7. avvie

    avvie It's another cold day in Hell Tip Jar Donor

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    I have trouble with the IRS also, and it sucks, yes; but keep your anger focused where it should be: your Congressmen wrote those tax laws, and they are designed to keep themselves rich and you poor. DO NOT vote for someone calling for "lower taxes"... that's a copout because it's an overgeneralization and it's easy to avoid actually doing. Ask which specific tax laws he would seek to abolish.
     
    #23 avvie, Mar 31, 2011
  10. JCBRAVE

    JCBRAVE goTitans 2019 Survivor Champion

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    I might just craigslist the extra stuff before its too late. All the stuff is good til July. That way I can get some Charlie Sheen gambling money for next weekend in Atlantic City. So that's my plan, make back what ever I can, then put it all on black.
     
    #24 JCBRAVE, Mar 31, 2011
  13. Alex1939

    Alex1939 Space Invaders Champion

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    Richard Hatch the original winner of survivor failed to pay his taxes on his 1 million dollar "prize" and is now in jail.

    Pay your taxes. Yes, when you win something you pay large taxes on it, same goes for gambling and lottery winnings.
     
    #25 Alex1939, Apr 2, 2011
  16. CheeseheadTitan

    CheeseheadTitan Pro Bowler Tip Jar Donor

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    Talk to a tax accountant...there is a form that you can submit with your tax return that allows you to pay the taxes in installments. If you are paying as planned you actually have quite awhile to pay them off.
     
    #26 CheeseheadTitan, Apr 2, 2011
  19. GoTitans3801

    GoTitans3801 Forward Progress!

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    It's also possible that if you don't use some of the vouchers, you might be able to dispute whether or not they were actually "income" for you. Especially if they expire, and are no longer worth anything. Tax is not my area of expertise, but I would look into it at least.
     
    #27 GoTitans3801, Apr 4, 2011
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  22. JCBRAVE

    JCBRAVE goTitans 2019 Survivor Champion

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    Okay so here's an update. I've talked to some people more qualified than myself about what my options are. Apparently because all the stuff I won wasn't redeemed and didn't come in card form, I can itemize what I did use, and refile an amended tax return. I'm still on the hook for something, just not the $5k. I feel that if the IRS is going to get something out of me, they better earn it. I'm obviously not the first person this has happened to, and the IRS website was helpful in showing me what I need to do.
     
    #28 JCBRAVE, Apr 4, 2011
  25. World Peace

    World Peace Nephew Gunner

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    I wouldn't worry too much... the IRS too busy auditing all of the undocumented income earned by the Auburn Tiger Football teams over the years.
     
    #29 World Peace, Apr 4, 2011
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  28. JCBRAVE

    JCBRAVE goTitans 2019 Survivor Champion

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    Believe me, I'm not losing any sleep over this.
     
    #30 JCBRAVE, Apr 4, 2011
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