10 cent Super - 3 questions

Originally Posted by seconditis

The question is how long until the gov. figures this out. I don't have the large bankroll that some of you have, but when I see some of you guys betting $500 to win on a horse, does this mean if you hit you are definitely paying taxes on your winner? If so why not 10 $50 tickets?

When you win $600 or more, and that amount is 300 times your wager, the track issues you a 1099 type form (not a 1099, but similar). If your winnings are less than 300 times your wager, reporting is between you and the IRS. Technically, all gambling winnings, less losses, are taxable. Not a CPA, but that is my understanding.

Ez