Quote:
Originally Posted by AndyC
Pursuant to IRC section 61 all gambling income is reportable. What generally gets reported is just the W2-G amounts. Given the difficulty of an IRS agent proving gambling winnings of a horse player it is highly improbable that such an investigation would occur unless they are chasing criminal activity
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The IRS wants a share of everything even when they deserve zero. Very informative reply and appreciate it.
Regarding the TVG End of Year Reports. I have fallen off my chair when looking at these the last few years as my income increased so has my gambling. Was never one to keep records even though I have been betting horses for over 40 years. Primarily bet Pick 4's and 5's and occasional Pick 6 so would have stacks of W2G's.Now attempt to immediately withdraw when I have a big score.
