Do you print out each of your individual bets after you make them and save them for tax time? Or is printing a win/loss statement for each account at the end of the calendar year sufficient?
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06-10-12 10:35 AM #1
Online horse bettors tax prep?
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06-10-12 03:32 PM #2
if i printed each ticket out id owe more in ink/paper than taxes at the end of the year.....
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06-10-12 07:30 PM #3
I can see how the paper and ink costs could be a problem. In my case I would guess that I currently make 100-150 horse bets per year, usually on major race weekends and large carryovers. Almost all of my larger bets are made at an OTB and I always keep my losing tickets. I've only recently started betting more online so I'm curious to see how others deal with the tax issues. Thanks for your input!
Originally Posted by cecil127
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06-10-12 08:28 PM #4
if your betting into the pools (not offshore) and hit a "signer" (over $600 for $1 bet i believe) they'll be sure to send you the tax form at the end of the year. get a hold of them for a profit/loss statement if you indeed collect a few bigguns.
if you're playing offshore...forget about it.
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