The Complete Guide To Tax Audit

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Everything won by you quality audit from a lottery, a contest, or gambling is taxed as earned benefit. If you have winnings of $600 or more, you must report it on your earnings tax returning. Most contests, lotteries, and casinos report winners plus their prizes won to the internal revenue service. If you don’t file such income along with the IRS becomes aware of it, absolutely face increased tax liability, fines, penalties, and passion.

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