10 cent Super - 3 questions

Originally Posted by ezrabrooks

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

the rule is 1099 on 600 times your wager, ie if you wager 1 dollar and win 600 you get a 1099, 2 dollars 1200 gets you a 1099