Quote:
Originally Posted by herkhorse
OK so it's tax time again, and I know this has been discussed before, but I can't find a Horseplayer's Tax Guide For Dummies book. With most people using ADW's now, I imagine it's easier for the IRS to track wagers. Say for example a player bets 5000.00 over the year, wins 7500.00 with 2500.00 of that "signers". There are more than enough losing bets to cover the signers, but the player still has a profit of 2500. Does he or she have to claim the winnings or not?
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Yes. Even if you have no signers it would be wise to file.
I write down my on track wagers in my programs.