Mike: Please move this if it isn't in the correct forum.
The new rules for reporting gambling income have been made final effective 1/1/2017. They were issued last Friday (March 3), so little has been published, and I do not have a real need to stay on top of this. The article below doesn't discuss horse racing, but I *think* it only discusses *reporting* and not *netting* of wages, so it might be of little use in here. Someone with better info, please jump in...
http://www.cpapracticeadvisor.com/ne...ambling-income