Satellite League Prizes

rkulaski · Post by **rkulaski** » Sun Dec 30, 2007 9:56 am

In response to BillyWaz' first post, I thought we dont have to report our winnings unless our winnings exceed our entry fees (we make a profit) AND profit exceeds $600. I think the tax form says only report if over $600.

Gordon Gekko · Post by **Gordon Gekko** » Sun Dec 30, 2007 10:15 am

Be careful waz. If people rely on your "tax" advice, it could get u in some trouble.

Bottom line for people who don't know what to do...talk to YOUR accountant. Case closed.

BillyWaz · Post by **BillyWaz** » Sun Dec 30, 2007 11:30 am

Are you telling me that if someone got audited and said that I told them to do something that I could get in trouble?

If so, I didn't know that.

rkulaski, I believe that is correct.

My accountant told me you can declare all losses (what you invested) against ONLY your wins.

HOWEVER, you better ask your own accountant for advice.