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#21
10-13-2005, 08:06 AM
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Re: I need a plan to avoid paying taxes in full.
[ QUOTE ]
[ QUOTE ] then one of the tickets has a footprint on it. [/ QUOTE ] ? What kind of footprint could these tickets have? [/ QUOTE ] most likely one from a shoe or boot, or both! [ QUOTE ] They don't take your name when you bet horses or buy lottery tickets. [/ QUOTE ] i'll assume this is a question (?) and answer. no. 
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#22
10-13-2005, 08:07 AM
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Re: I need a plan to avoid paying taxes in full.
[ QUOTE ]
[ QUOTE ] then one of the tickets has a footprint on it. [/ QUOTE ] ? What kind of footprint could these tickets have? They don't take your name when you bet horses or buy lottery tickets. [/ QUOTE ] [ QUOTE ] I had a neighbor who used to make a lot of money gambling. It was how he paid for his sept-annual cruises to Bermuda. To avoid paying taxes, he used to go to the track and collect losing tickets. He took those tickets, claimed them as gambling losses and didn't have to pay taxes on the money he had won gambling because apparently you can deduct gambling losses from gambling winnings. [/ QUOTE ]
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#24
10-13-2005, 08:16 AM
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Re: I need a plan to avoid paying taxes in full.
[ QUOTE ]
[ QUOTE ] [ QUOTE ] then one of the tickets has a footprint on it. [/ QUOTE ] ? What kind of footprint could these tickets have? [/ QUOTE ] most likely one from a shoe or boot, or both! [ QUOTE ] They don't take your name when you bet horses or buy lottery tickets. [/ QUOTE ] i'll assume this is a question (?) and answer. no. [/ QUOTE ] hahaha I thought he was talking about a way to trace it or something. Who cares if a ticket has a footprint (from a show) on it? I drop [censored] and step on it all the time, does that make it not mine?
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#25
10-13-2005, 08:17 AM
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Re: I need a plan to avoid paying taxes in full.
[ QUOTE ]
Heh, discussing tax fraud in a public forum [img]/images/graemlins/laugh.gif[/img] [/ QUOTE ] Fraud? Yea. Right. [img]/images/graemlins/tongue.gif[/img]
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#26
10-17-2005, 11:48 AM
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Re: I need a plan to avoid paying taxes in full.
If you owe more than one thousand you may be subject to a penalty. There are reasons that the penalty could be waived and they depend on your liability from last year.
Investing in a pre-tax retirement account is your best option for a tax break this year. You may qualify for the savers credit as well.
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#27
10-17-2005, 11:56 AM
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Re: I need a plan to avoid paying taxes in full.
[ QUOTE ]
The IRS is pretty skeptical about losing lottery tickets or stubs from the track; I don't think this is the way to go. (Of course you're fine until the audit...then one of the tickets has a footprint on it.) They're not retarded. [/ QUOTE ] My mom and one of her friends have used thousands and thousand of dollars in losing lottery tickets from gas stations to increase their gambling losses they can report. They've been doing this for over 12 years.
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#28
10-17-2005, 12:03 PM
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Re: I need a plan to avoid paying taxes in full.
Buyin a home is a waste of time because there aint enough time left in the year for the interest to help you much. Did you win this online or in a casino? The big thing is whether or not it will be reported to the IRS. The IRS is probably not going to catch you unless somebody else reported it. If it is a big sum of $$ then you must report something just in case they catch you later. PM me with specific questions. I make over 250K/yr so I know the IRS like the back of my hand.
Welcome to the club, Indy
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#30
10-17-2005, 12:49 PM
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Re: I need a plan to avoid paying taxes in full.
1. Gambling losses can only be used to offset gambling winnings.
2. Buying a home wouldn't get you a huge tax break this year. 3. You could invest in a retirement plan such as a deferred annuity. You can contribute to the annuity in a lump sum or gradually over time. All of your earnings are tax deferred until you withdraw your money, usually at retirement.
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