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Tax Laws
I would argue that horse racing is no more gambling than options, futures, or day trading stocks. Yet, it still gets the shaft in the tax laws. The biggest inequity is that you can only claim losses to the extent of gains.
To recap, we have to overcome takeout which is on average 20%. If we lose, we just have to eat it. If we win, we have to pay tax on the gain. Sounds like horse puckey to me.
Dale
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