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Gambling winnings during chapter 13

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  • Gambling winnings during chapter 13

    I have gambled 1 time ($20) and won $2000. I am in Chapter 13, 100% payback; never late on payment. I'm reading trustee can move to dismiss case. True?

  • #2
    Thank you for the reply justbroke. There seems to be far too much bankruptcy info on the web including several sites that say trustee will move to dismiss case or you will have need to pay winnings into case.


    • #3
      If you weren't already, in a 100% plan, you might have to pay the winnings to the trustee. Too be completely safe, call your attorney. He will probably say what justbroke predicts.
      LadyInTheRed is in the black!
      Filed Chap 13 April 2010. Discharged May 2015.
      $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!


      • #4
        Originally posted by Traders View Post
        Thank you for the reply justbroke. There seems to be far too much bankruptcy info on the web including several sites that say trustee will move to dismiss case or you will have need to pay winnings into case.
        As LITR eludes, debtors in 100% plans don't have a problem with turnover of any "windfalls" or winnings because they are already paying back 100%.

        If you were not in a 100% plan, the trustee "may" decide to dismiss your case if you are a.) in jeopardy of not completing your plans, b.) not making your payments, and/or c.) not turning over any extra income. The problem is really to help true gamblers help themselves. The trustee is trying to keep the debtor on tract and adhering to the terms of the confirmation order. My confirmation order did not mention anything about gambling (and I have gambled in the past and disclosed the fact in my statement of financial affairs). My confirmation order did, however, mention disposable income and tax refunds. The real problem is not the gambling, per se, for the Chapter 13 Trustee. The real problem is that any winnings, in excess of losses, should be turned over as "disposable" income immediately.

        That last paragraph doesn't apply to you because you are in a 100% plan.

        (I could not find one Chapter 13 case in my district which was dismissed for gambling. Many were dismissed for not providing disposable income to the trustee or for not paying.)

        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog

        I am not an attorney. Any advice provided is not legal advice.


        • #5
          Why would you say anything to anyone?


          • #6
            Above $600 the place of winningmust send a 1099 form. The IRS, thus the Fed Gov't knows.


            • #7
              The above is not true. The winning has to be much higher than $600; for table games it is $10,000, for slots it is $1200. The 1099 is written if you win a jackpot that is $1200 or higher. If you were playing for a while, and won $2000 after several wins (each below $1200) but the total for the night ended up being$2000 you would not have a 1099 issued. I know this from personal experience. Did they issue one while you were playing? Do a web search and you can verify. If you're concerned just call and ask your attorney a general question. I agree though, this is not a habit you want to get hooked on - during your plan or ongoing. In terms of IRS reporting, if you've lost money playing during the same year, they can offset your winnings. Do you use a casino players card, where they track your play? If so, you can ask them for a statement of loss/winnings at the end of the year that you can use for tax purposes.
              Last edited by sophieanne; 01-15-2018, 12:33 PM.
              Filed Chapter 13 - 07/20/12
              Discharged 8/2/16


              • #8
                Originally posted by Traders
                Hello again.....unsecured creditors that did not participate in my Chapter 13, can they send me IRS paperwork to file on? I understand I will not have to do anything more with them.
                Yes. Any creditor that has "forgiven" debt will file a 1099-A/C with the IRS. If you filed bankruptcy, then you would file Form 982 along with those 1099-Cs to exclude that amount from your taxes since it was the result of insolvency. I recommend that you use a tax service to file your returns when you have 1099-Cs related to debt that was discharged in a bankruptcy. While that form may be easy to complete, I'm not a tax expert and you should get guidance from someone that does this for a living!

                Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                Status: (Auto) Discharged and Closed! 5/10
                Visit My BKForum Blog: justbroke's Blog

                I am not an attorney. Any advice provided is not legal advice.


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