Win or lose: tell the IRS - KOTA Territory News

Win or lose: tell the IRS

Posted:

If you've won or lost big in the past year, it's time to fess up to the IRS.

Tax experts say its important to include any gambling wins or losses from the past year on your tax return.
You can even deduct your losses, and potentially save money depending on how you file your taxes.
But you only have to declare your winnings if you take home more than $600 from gambling, raffles or lotteries. If you've already filed your return, it may not be too late.

"You might want to check with your tax preparer and maybe you might have to do some amended forms and stuff because if you ever get audited and they find out you had gambling winnings and you didn't declare them as taxable income they might have to do penalties or interest," said Terry Mills, with Consumer Credit Counseling.

  • Local News - KOTA TerritoryLocal News KOTA TerritoryMore>>

  • Joggers find body on Rapid City bike path

    Joggers find body on Rapid City bike path

    A morning job for a couple turned into a police investigation of a body in Rapid City.The couple were jogging on the bike path near Mount Rushmore Road when they came across a man slumped over in the grass a little after 8 a.m.According to police, the 51-year-old man was deceased.Police have identified the man, but his name is not being released at this time pending notification of his family. There were no obvious signs of trauma, and an autopsy is scheduled for Wednesday to determine the ca...
    A morning job for a couple turned into a police investigation of a body in Rapid City.The couple were jogging on the bike path near Mount Rushmore Road when they came across a man slumped over in the grass a little after 8 a.m.According to police, the 51-year-old man was deceased.Police have identified the man, but his name is not being released at this time pending notification of his family. There were no obvious signs of trauma, and an autopsy is scheduled for Wednesday to determine the ca...
  • Evacuation ordered after explosion in Williston

    Evacuation ordered after explosion in Williston

    Part of western North Dakota are being evacuated after an explosion and fire at Red River Supply.
    Part of western North Dakota are being evacuated after an explosion and fire at Red River Supply.
  • Malaysian Airlines tragedy grounds Black Hills man

    Malaysian Airlines tragedy grounds Black Hills man

    Going back to his home country is an annual trip for 93–year–old Roman Kurylas. But after a Malaysian airliner was shot down over the Ukraine on Thursday, he said he believes it's now too dangerous.
    Going back to his home country is an annual trip for 93–year–old Roman Kurylas. But after a Malaysian airliner was shot down over the Ukraine on Thursday, he said he believes it's now too dangerous.
Powered by WorldNow

518 St. Joseph St.
Rapid City, SD 57701

Telephone: 605.342.2000
Fax: 605.342.7305

Couldn't find what you were looking for?
Powered by WorldNow
All content © Copyright 2000 - WorldNow and KOTA. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.