taxes and horse racing

risky101risky101 Senior Member
edited January 2015 in Horse Racing Forum
When does a player HAVE to report his horse betting to the irs...i have a hit for just under 1300$ on a 12 $ bet and several scores of 300-700 $ bets...am i obligated to report them...i also have several 100-300 $ scores...

Comments

  • John GreenhawJohn Greenhaw Senior Member
    edited January 2015
    Don't volunteer anything! If your ticket is a taxable one, you will be notified by way of a
    W-2G. Must be 300-1 to generate a taxable event, and if the score is in excess of $5k, the payee is obligated to withhold the usual amount, whatever that is in your State?
  • cinfrontcinfront Senior Member
    edited January 2015
    If hit anything that is Taxable you should have already filled out a tax form when cashing. When you file you flie a gambling lost form against the winnings. Which means you owe nothing on the winnings cause it balances out.... A wash out.
  • risky101risky101 Senior Member
    edited January 2015
    Thnx guys was my first year betting the races...im more of a casual gambler and do it for entertainment value...i mostly bet around horses that j like and big stakes races...you guys find the lil gems...hopefully i get better this year...
  • John GreenhawJohn Greenhaw Senior Member
    edited January 2015
    If your big hits were at the track, and they were taxable, you would have to go to the IRS window. If you hit thru a ADW acct, they will mail you a W2G, assuming they were over 300-1. All that tax shit aside, time for you to jump right in and join all of us degenerate gamblers and have some real fun!!!!! Nothing like watching your horse run the last furlong when you have a chance to collect big on a straight wager or, even better, an exotic play! Fuck Joe Talamo!
  • rayphilrayphil Senior Member
    edited January 2015
    600 bucks to 1 dollar...
  • risky101risky101 Senior Member
    edited January 2015
    Im focusing on del mar n santa anita...still learning the trainers. And im trying to ease my new girlfriend into the whole horse racing thing. She came with me to the breeders cup and was slightly impressed and i take her 1 a month...were going to go see san antonio stakes next month...the more she likes it the more time i can spend handicapping. ..
  • risky101risky101 Senior Member
    edited January 2015
    I have to pay taxes on the super high five i hit...was a 12$ bet for close to 1300... it just listed as 1$ bet paying 1300 -1...how can i offset thise winnings i definitely have some losses...can i use any losses of the whole year?
  • rayphilrayphil Senior Member
    edited January 2015
    who every you have a wagering account with has your tax information. they have the total of spent, winnings, and withdrawn, deposited..if you have tvg then just go to account and go to tax info..
  • fbwinnersfbwinners Senior Member
    edited January 2015
    When you file, you claim net losses to net winnings and it's a wash.
  • fbwinnersfbwinners Senior Member
    edited January 2015
    NTRA Meets With Treasury on Withholding Taxes | BloodHorse.com
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