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- Dec 5, 2015
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If I hit a scratch-off in early December and I send it out in early December, but I don't receive the money until January of the following year, what year should the winnings be recognized as income?
Do I have wiggle room? Can I claim it on either year?
Is the day I bought it the day it is recognized? Does the day they process it or the date on the check come into play?
From my understanding of taxes, the prize was won in December, so my gut says it will be taxable in this year as opposed to next year, but I am curious about potential flexibility.
Do I have wiggle room? Can I claim it on either year?
Is the day I bought it the day it is recognized? Does the day they process it or the date on the check come into play?
From my understanding of taxes, the prize was won in December, so my gut says it will be taxable in this year as opposed to next year, but I am curious about potential flexibility.