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Originally Posted by seconditis
I always thought it was a $600 on a $1 bet (600/1). I have quite a few bets for a $1 and always pay when I get over the $600 limit. I really never bet big exoticts for $2 so I just figured the limit was $1200, but it is $600 on any bet from what I know. So correct me if I 'm wrong, but a $1 super ticket that pays $5,000 , you would be paying a lot of tax, but if I bet 10 10 cent super tickets they each pay $500 and I owe nothing. Unless I"m wrong, which is very possible, this is a great loophole in the rules. Yeah it would suck to have to keep punching in the same bet over and over at the track, but if you are not too lazy or the track is not too busy sounds like the way to go. Also if you bet online this is very easy to do.
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it is $600, IRS requirements, if you pay anyone over $600 and they are not incorporated, they are to be issued a form 1099.
that includes the guy that painted your basement for cash, the guy that fixed your car for cash, etc.
it also should include your landlord if you pay him rent,BUT there is a specific exemption regarding giving your rent receiver a 1099.
the burden of issuing the 1099 is on the payor, not the receiver.
they even have a form you give to the payee where you specifically request his SS number to report the payment.