for me I have always said people who lose large amounts of CASH do not deserve to get it back, Why because they could afford to lose it in the first place.
I agree. $100.000 and you forget about them? Really?
I would have bought myself a new PC, paid for drivers ed, bought a new car etc.
What about that sex change. You always wanted?
I'd give (most of) it back. I might keep a little for myself. But I'd rather not have an extra 100k in my house when the IRS comes knocking.
If you don't report it and if you keep it in cash, 100k really isn't enough for the IRS to notice you spending.
You have to get their attention for something else before they'd even have any idea.
You'd get caught mostly if you claim tax credits for things your claimed income implies you can't afford.
IE: you buy a car with a good CAFE rating and claim the tax credit on it and don't claim enough income to be able to afford it.
Avoid buying a house, keep it quiet, and you'll be fine.
On the other hand, you turn it in. Because it's the ethical thing to do.
I'd give (most of) it back. I might keep a little for myself. But I'd rather not have an extra 100k in my house when the IRS comes knocking.
If you don't report it and if you keep it in cash, 100k really isn't enough for the IRS to notice you spending.
You have to get their attention for something else before they'd even have any idea.
You'd get caught mostly if you claim tax credits for things your claimed income implies you can't afford.
IE: you buy a car with a good CAFE rating and claim the tax credit on it and don't claim enough income to be able to afford it.
Avoid buying a house, keep it quiet, and you'll be fine.
On the other hand, you turn it in. Because it's the ethical thing to do.
I know here there is a limit of about 10k you can put in your bank without drawing notice
Couldn't you claim you won it in Vegas or something?
Casinos are required report when people win over $500.
And you have to pay tax on it.