billryan
billryan
Joined: Nov 2, 2009
  • Threads: 217
  • Posts: 13347
November 14th, 2021 at 1:31:18 PM permalink
An Ohio man won a million dollars at the lottery but tried to write off over a million dollars in losses.
After taxes, he collected $790,000 and claimed income of just under 1.1 million dollars, but then claimed 1.1 million dollars in gambling losses. I think it is safe to say his tax return set off alarm bells and the investigation indicated he had sent money overseas without properly reporting to the IRS.
This happened in 2015 and he was inditited in late October of this year, pleading guilty three weeks later.
The difference between fiction and reality is that fiction is supposed to make sense.
ChumpChange
ChumpChange 
Joined: Jun 15, 2018
  • Threads: 67
  • Posts: 3088
November 14th, 2021 at 2:11:15 PM permalink
Nowadays you can buy Bitcoin with the winnings and tell the IRS that Coinbase ate your money.
Starburger
Starburger
Joined: Dec 26, 2019
  • Threads: 2
  • Posts: 50
November 17th, 2021 at 10:27:04 AM permalink
Quote: ChumpChange

Nowadays you can buy Bitcoin with the winnings and tell the IRS that Coinbase ate your money.
link to original post



Hmm. A lottery winner could do that, but he or she could be in deeper trouble for fraud/attempted fraud.
One man's offense is another man's humor.
heatmap
heatmap
Joined: Feb 12, 2018
  • Threads: 205
  • Posts: 1758
November 17th, 2021 at 11:56:06 AM permalink
Quote: ChumpChange

Nowadays you can buy Bitcoin with the winnings and tell the IRS that Coinbase ate your money.
link to original post



Hey coin base really does eat your money
Commish
Commish
Joined: Jan 5, 2013
  • Threads: 2
  • Posts: 88
November 17th, 2021 at 1:26:12 PM permalink
But Bitcoin losses are not gambling losses and would not offset gambling winnings. They would be short term investment losses with a max write off of $3000 per year.

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