asheebeans Posted March 5, 2008 Share Posted March 5, 2008 these are just counted in at their regular value when it comes to inventory, right? I had won $100 worth of B & B supplies and just wondering how that plays come tax time. I am going to use these supplies to make products that I sell, so I am assuming I still pay tax on them as my inventory. Am I correct? Quote Link to comment Share on other sites More sharing options...
MochaMama Posted March 6, 2008 Share Posted March 6, 2008 I would just count them as income as their worth. For example, last year I got 50 bucks for opening a checking account and that was counted as income on my taxes.So if you got 100 worth, I would just count that as income of 100.I beleive that's the same thing you're saying. Quote Link to comment Share on other sites More sharing options...
crazycacti Posted March 6, 2008 Share Posted March 6, 2008 but if you win 50 or 100 at bingo-that is not counted in your taxes!??????????????????????????????? Quote Link to comment Share on other sites More sharing options...
Vio Posted March 7, 2008 Share Posted March 7, 2008 From the people I know that play bingo these days, yeah you have to claim winnings. They make you fill out some form to guarantee you can't get out of it when you claim your winnings. Quote Link to comment Share on other sites More sharing options...
awickedscent Posted March 7, 2008 Share Posted March 7, 2008 I believe that is only over a certain dollar amount. I could be wrong though Quote Link to comment Share on other sites More sharing options...
Jane42 Posted March 7, 2008 Share Posted March 7, 2008 At our local racetrack, they now have slot machines.You only have to fill out paperwork and claim it IF you win over $600 (or somewhere near that figure), so I am not sure about a "win" of $100 worth of product. Quote Link to comment Share on other sites More sharing options...
CareBear Posted March 7, 2008 Share Posted March 7, 2008 Technically any income needs to be reported, but the provider only gives you a 1099 if it's $600 (or is that greater than $600?). Gambling winnings get reported to the feds, and some other things do too. Quote Link to comment Share on other sites More sharing options...
Bernadette Posted March 8, 2008 Share Posted March 8, 2008 In Las Vegas, winnings up to $1199.00 are not reported. The minute it goes to $1199.01, they fill out tax forms. Don't ask me how I know....:undecided Quote Link to comment Share on other sites More sharing options...
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