Positive TAX Ruling for Gamblers

Originally Posted by Scav

But yeah, this goes to the point of, lets say a P6 player. If said player puts a 4k ticket in, and the P6 hits and pays $2,500, he is forced to report that on his 1040 becuase of the 600/2 threshold.

Exactly, what isn't clear is if you can further reduce the W-2G issued on a race with subsequent losses within that race or day. That is what needs clarification, but for a slot machine player to be able to "net" a day at the casino, shouldn't a horse player also be able to "net" a day at the track.