Penalties for not reporting gambling winnings?

[kayode10]

It is very normal for someone to think of ways of reducing the tax to pay on the winning because of the tax the government are going to take from the money. Some people are thinking of going away with the money.

One of the question I want to ask you guys is that what is the Penalties for not reporting gambling winnings? I will be looking forward to your response in the comment section below.

 

[Hannman]

I don't think there's a way that you can't win huge amount of money from lottery and the SSI won't know about it because it's the betting industry that would have report to the SSI and remove the tax from your winnings

 

[GamblingBoy]

Is paying taxes on winning practicable in Nigeria?. Well I don't know yet. Or it could be as a result of not earning huge amount of winnings deeming for taxable. But I don't think those people I had been seen winning huge amounts from lottery were paying any taxes at all.

 

[James108]

If you don't report your gambling winnings on your taxes, you could be subject to a variety of penalties. These can include criminal charges, fines, and even jail time. The IRS takes tax evasion very seriously, and they have a number of tools at their disposal to find out if you're hiding income from them.