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Old 03-04-2018, 10:23 PM   #61
big frank
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taxes

if you make 5 withdrawls in a year of 400 bucks each time ,, do you pay taxes on the 2,000 dollars ? I guess you probaly have to.......if you don't withdraw at all do they report your winnings to irs at end of year like otb would ? ?? I love horsetourneys and havent requested a payout yet......... Is there any way around the tax issue if you take a few small payouts a year ??? Thanks
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Old 03-05-2018, 06:09 AM   #62
depalma113
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Quote:
Originally Posted by big frank View Post
if you make 5 withdrawls in a year of 400 bucks each time ,, do you pay taxes on the 2,000 dollars ? I guess you probaly have to.......if you don't withdraw at all do they report your winnings to irs at end of year like otb would ? ?? I love horsetourneys and havent requested a payout yet......... Is there any way around the tax issue if you take a few small payouts a year ??? Thanks
You pay taxes on what you earn, not what you withdraw.
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Old 03-05-2018, 04:41 PM   #63
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Thanks , i thought so .. So i guess they report to the irs your earnings for the year no matter what.............
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Old 03-06-2018, 10:02 PM   #64
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123, or 12

Derby Wars counts win, place and show in their contests, and Horsetourneys count only win and place
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