Derby Trail Forums

Go Back   Derby Trail Forums > Main Forum > The Paddock
Register FAQ Members List Calendar Today's Posts

Reply
 
Thread Tools Display Modes
  #1  
Old 03-07-2011, 08:43 AM
herkhorse's Avatar
herkhorse herkhorse is offline
Flemington
 
Join Date: Apr 2007
Location: Gonesville
Posts: 11,422
Default

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?
Reply With Quote
  #2  
Old 03-07-2011, 08:57 AM
geeker2's Avatar
geeker2 geeker2 is offline
Hialeah Park
 
Join Date: Apr 2007
Location: San Diego
Posts: 6,235
Default

Quote:
Originally Posted by herkhorse View Post
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?

Only offset what is reported to the IRS...never declare extra income to the IRS that isn't reported to them.

ps maybe see how you look in Orange right after you file
__________________
We've Gone Delirious
Reply With Quote
  #3  
Old 03-07-2011, 09:05 AM
Port Conway Lane Port Conway Lane is offline
Randwyck
 
Join Date: Apr 2007
Posts: 1,463
Default

Quote:
Originally Posted by herkhorse View Post
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?
Yes. Even if you have no signers it would be wise to file.
I write down my on track wagers in my programs.
Reply With Quote
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump


All times are GMT -5. The time now is 05:23 PM.


Powered by vBulletin® Version 3.6.8
Copyright ©2000 - 2025, Jelsoft Enterprises Ltd.