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Message: [QUOTE="TheseNutsWin, post: 965269, member: 36745"] I "believe" ( i write believe because i have read a lot about taxes but i`m not sure what is really correct since there is a lot of incorrect information online) that ANY money won is taxable , it does not matter if its less then $600 or more. The reason why people say you have to pay taxes on winnings in excess of $600 is because the website will issue you a W2G form and now you have to pay it since they will forward your winnings to IRS. Yeah many people dont pay winnings on less then $600 because they are non traceable or at least i think so...Also , once you win the money you are responsible to pay taxes, it makes no difference if you lose it all back. Then what you do for example is fill out winnings $5000.00 , losses $5000. [/QUOTE]