Question: How can someone claim my gambling winnings on their taxes for a 10% fee?
I won at a race track a taxable amount of winnings. Someone offered me to claim the taxes for me for 10%. I was just curious how this could be done and they still make a profit? iF they just took the winnings and took off I would think this would be a dangerous game to play?
Answer: 1. It's illegal. This hasn't stopped rank and file track employees from offering to do it--but greed gets them. They do it just a little in the first year or two and figure if they didn't get caught, they can do it even more. Then the audits from years 1 and 2 surface 3-4 years down the line.
2. It takes VERY little income to be in something higher than the 10% tax bracket.
3. Scooping up losing tickets to "prove losses" doesn't work. The IRS knows this game quite well.
From the web: http://www.oag.state.ny.us/press/2003/may/may13a_03.html
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